How to set Take Profit/Stop Loss prices？
Take Profit/Stop Loss prices refers to a certain pre-set price whereby an open position is automatically closed when it reaches that level, locking in profits (Take Profit) or limiting losses (Stop Loss) on that position without the need for constant surveillance.
When the market fluctuates and reaches the pre-set price level, the system will place respective orders at that price. Final transacted price will however still be based on the market. If orders fail to be filled, manual intervention will be required to close positions.
Take Profit and Stop Loss mechanism:
- Take Profit/Stop Loss prices can be set directly at the order placement interface;
- These prices can be modified anytime at the open position interface;
- When a similar order type is placed (or sold) at a later time, and Take Profit/Stop Loss prices are set at the order interface, then Take Profit/Stop Loss prices of the entire position will be the price set at the time of placing the order; If Take Profit/Stop Loss prices are not set, it will be reset and customers will have to manually set it again;
- Take Profit/Stop Loss prices are not subject to the price limit mechanism;
- Take Profit and Stop Loss prices must be set at the same time. If only one of the price is set and the other remains empty, this new "set" of prices will be eligible which overrides previous settings
Current position has a Take profit price of $208 and Stop Loss price of $190. If user wants to reset these prices and only keys in Take profit price of $210, and DOES NOT key in any Stop Loss price, new Stop Loss price will be defaulted to empty.
New Take profit price will now be $210 and Stop Loss price will remain empty.