BitTap allows users to set take profit (TP) and stop loss (SL) for their open positions. By inputting the desired take profit or stop loss price and quantity, the system will automatically execute the order when the market price reaches the set point. This helps users lock in profits or minimize losses.
Q: What is Take Profit / Stop Loss?
- Take Profit (TP) is a price target set by the user. When the market price reaches this target, the system will automatically execute a close position to convert unrealized profits into realized gains.
- Stop Loss (SL), on the other hand, is triggered when the market moves unfavorably for the user’s position. The system automatically executes a close position at the pre-set price to prevent further losses.
On BitTap, users can set TP/SL prices in advance. When the market reaches the pre-set price, the system will execute the close order at the best possible price, helping secure profits or limit losses.
Q: When should I use Take Profit / Stop Loss?
- TP/SL is useful when users cannot monitor the market continuously. It allows for automated execution based on price movements, preventing missed profit opportunities or reducing potential losses. You can set a TP/SL anytime you have an open position, based on your trading strategy.
Q: Is the TP/SL feature only for closing positions?
- Yes, TP/SL can only be used for closing positions. If you want to open a position, you can use other tools like planned orders.
Q: Are TP/SL orders linked to specific positions?
- Yes, TP/SL is tied to the open positions. If you do not have any open positions, you cannot set TP/SL. You can set TP/SL based on the number of units in your current position.
For example: If you hold 500 units in a position, you can set TP/SL for up to 500 units. If part of your position is closed, the remaining units available for TP/SL will decrease proportionally.
Q: How do I cancel a Take Profit / Stop Loss order?
- You can view and cancel your TP/SL orders in the current planned orders list. If you manually close a position or your entire position is closed, the related TP/SL orders will be automatically canceled.
Q: Can a TP/SL order fail?
- Yes, TP/SL orders can fail. Due to rapid market movements, the actual execution price may differ from the set TP or SL price, leading to incomplete or failed orders.
Key Considerations:
- Automatic liquidation, protocol-based liquidation, or forced liquidation may affect the quantity of TP/SL orders.
- After adjusting the position margin, the expected liquidation price may change, causing the TP/SL orders to fail.
- You can set a maximum of 20 TP/SL orders.
- Traders can set TP/SL for individual positions, but not for the entire account or combined positions.
Risk Disclaimer:
Market volatility may cause TP/SL orders to fail or only be partially executed. To minimize risk, ensure you fully understand how TP/SL works and apply it strategically. BitTap is not responsible for asset losses caused by market fluctuations or failed orders.
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