Then go to trading terminal on spot or futures market.
Choose Smart order
Then you have to set 3 parameters up: Entry point, Stop loss and Take a profit. Let’s take a look at each of them separately:
These are the conditions for opening your position.
Price and quantity of order.
Total is the equivalent of your order in quote currency.
Cost is the actual amount you will spend considering the leverage in the futures market only.
A limit order has been placed on BTC/USDT pair for the price of $9,807 with the order quantity 0.015 BTC which is equal to $151.04. This is a futures trade with 101x leverage and it cost $1.49. Trailing deviation is enabled at 4% which will measure the change in price of 4% from its lowest point.'
Stop Loss provides automatic closing of the position when losses reach a certain level.Here you set only the level of loss to close the position in %, and you can also set a timeout with forced stop order to increase your chances of exiting the position in case the market slips.For the position whose entry point was placed in the previous step, 8% stop loss with 8 sec timeout and 10% forced stop has been placed.
Take a Profit provides automatic closing of the position when profits reach a certain level.Like stop loss, it’s very easy to set the percentages. You can set up trailing for Take a Profit. Or split it into several parts — split your targets.First, when the profit level reaches 10% the 25% of position will be closed. Remaining 75% of position will be closed at 15% profit.
Let’s take a look at how it looks overall
And create the trade.
Trailing started and started placing orders and delete it to put a new one after recalculation in real time until the trend reverses.
After the trend reversal, trailing order was executed and the position was opened.
Smart order automatically places a stop loss and take a profit order.