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Gate. io AMA : Taking Profit TP and Stop Loss SL, Oct.12th
18 October 14:21
Q:Many users asked, I am here studying how to earn the profit, so how do I know how much I can earn and how much I will lose?
A: Haha, yes, this is a very practical question. Let's get to some details.
1.Basic definition about TP and SL.
1).A stop loss (SL) is a price limit entered by a trader. When the price limit is reached the open position will close to prevent further losses.
2).A take profit (TP) works in a similar way - it automatically closes a position once a profit target is reached to lock in profits.
2.Most traders use take-profit orders in conjunction with stop-loss orders (S/L) to manage their open positions.
If the security rises to the take-profit point, the T/P order is executed and the position is closed for a gain.
If the security falls to the stop-loss point, the S/L order is executed and the position is closed for a loss.
3.Take-profit orders are best used by short-term traders interested in managing their risk.
This is because they can get out of a trade as soon as their planned profit target is reached and not risk a possible future downturn in the market.
Traders with a long-term strategy do not favor such orders because it cuts into their profits.
Q:What are the advantages of Stop Loss/Take Profit?
A:
1.Stop Losses can limit losses.
2.Take Profits allow the user to maximize profit by exiting a trade as soon as the market is at a favorable price.
Q: What is the difference between TP and SL?
A:
1.A Stop Loss Order is a trading order that automatically closes a losing trade at a certain price level.
2.A Take Profit order allows you to close a profitable trade automatically at a certain price level.
3.The difference between stop loss and take profit order is how we use these types of orders because stop-loss order closes losing trade and taking profit closes profitable trade.
e.g., If the current price is $100 and we have BUY trade, then the stop-loss order can be, for example, $99 (price level below current price), and the Take profit order can be forex an example, $101 (price level above current price).
Q: What types of orders can use stop loss and take profit?
SL/TP is supported on all orders types: Limit, Market, Trigger Order.
Q: Where I can set up TP and SL in Gate.io?
A:
If you remember what we taught in previous AMA about Limit order, then you can locate where to set up TP and SL.
1.Please go to below picture, select Limit Order, there's a option of Stop Order.
Click Stop Order, you can see the columns for you to mark down Take-Profit price and Stop-Loss price.
e.g., from current ETH K-line pattern, there's the down trend. Then I should place a Short order.
Then Take-Profit point should be less than Limit Price of 3331.25. I suppose it to be 3200, conservatively 131 points. It looks a little, but for ETH, the value of each point is high enough. As I told you many times in AMA event, don't be greedy.
And at this situation, Stop-Loss point should be a little higher than Limit Price. I set it up 3331, 0.25 more than the entry price. It will make me almost at no loss.
2.If you use other Market Order and Trigger Order, then you have to go to Mobile App to revise the TP and SL.
1).Go to Perpetual Contract page, and select Market Order or Trigger Order.
2).Go to Mobile app, select red circled Stop Order as below, I placed a order in Long by Market Order.
3).Input TP price, should be higher than Entry Price and you can see the PNL in green, is the profit you can earn once it's reach to the TP price as what you set up.
4).Input SP price, should be lower than Entry Price and you can see the PNL in red, is the loss you will have once it's reach to the SL price as what you set up.
5).If you place order in Short, then all above will be reversed.
6).Trigger Order has the similar function to set up TP and SL.
Conlusion:
1.Make sure which trend you are going to buy, Long or Short.
2.TP and SL will be based on the trend and entry price.
3.The profit or loss, all under your own control.
4.Remember to analyse the pattern with indicators and to assume the resistance area and support area.
5.Set up Profit or Loss without greedy emotion.
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