How to set a stop-loss or take-profit order?

Those who apply risk management use stop-loss orders to minimize their loss on a position. The stop-loss order activates at the set limit price and buys/sells the number of contracts you put it for to reduce or close your current position.

A take-profit order does the exact same thing, except, it buys/sells the number of contracts you put the order for to reduce or close your current position and take a profit.

Setting a stop-loss or take-profit order can be done in just a few easy steps.

• In the order book, select 'Conditional' and 'Limit'.

• Make sure to apply 'Close on Trigger'.
• Set the limit and trigger price (the limit price is the price it actually sells/buys for, the trigger price is at which price you'd like your order to be trigged and placed in the order book).
• Either hit 'buy' or 'sell' for the number of contracts you filled in, depending on you setting a stop-loss or take-profit order. We'll share two examples below.

Stop-loss example:

I have a long position of 500 contracts. The current BTCUSD price is $11,650 and I wish to set a stop-loss at $11,500.

• As I currently have 500 contracts and wish to go to 0 at $11,500, I'll have a conditional limit sell order of 500 contracts.
• I set the trigger price at $11,525 and a limit price of $11,500.
• I apply 'close on trigger' so that my position can only be reduced and my losses are minimized.

Take-profit example:

I have a long position of 500 contracts. The current BTCUSD price is $11,650 and I wish to set a take-profit order at $11,950.

• As I currently have 500 contracts and wish to go to 0 at $11,950, I'll have a conditional limit buy order of 500 contracts.
• I set the trigger price at $11,925 and a limit price of $11,950.
• I apply 'close on trigger' so that my position can only be reduced and a profit is taken.