TP/SL

TP/SL(Take-Profit/Stop-Loss) Order, also known as Trigger Order, is another type of Futures order you can use for hedging risks. Take-profit can help you secure targeted profits by allowing you to set up a trigger price at which the position automatically closes. Stop-loss lets you create a cap on losses to prevent your margin balance from being liquidated. You can manually set this up by creating an order using Stop-market and Stop-limit. However, here we’ll dig into an easier alternative.

Step 1: Once you open a position, go to the Position tab underneath the chart and find a position for which you will set up TP/SL.

Step 2: On the right side of the tab, there is the ‘TP/SL’ column. Click ‘add’ to open the ‘Set TP/SL’ toolbox.

Step 3: In the toolbox, for each section of the Take Profit and the Stop Loss, you can either type in the trigger price manually or designate the target PnL in percentage that will put a cap on both profits and losses. Then, press ‘Confirm’ at the bottom.