Dear WEEXers,
The following text is about take profit and stop loss
Users can perform take profit and stop loss operations within their positions.
During the setup process, users only need to enter the price and quantity for take profit and stop loss, and the order will be placed successfully. When the market's latest price reaches the set Take Profit or Stop Loss price, the order will be executed at the best available price for the specified quantity.
Q: What is take profit and stop loss?
A: Take profit refers to the profit users expect to generate when the price reaches a certain level of increase or decrease. It is a common trading operation to close the position promptly and convert unrealized profit into realized profit.
Stop loss refers to the loss users anticipate when the price reaches a certain level of increase or decrease. It is a common trading operation to end the position promptly to avoid further losses.
WEEX currently offers the "take profit/stop loss" instruction: Users can preset the take profit/stop loss price. When the market's latest trading price reaches the set take profit/stop loss price, the order will be executed at the best available price for the specified quantity (closing the position).
Q: When should take profit and stop loss be used?
A: Typically, when users have positions and cannot monitor the market continuously, they may consider using the "take profit/stop loss" feature. However, in principle, users can set "take profit/stop loss" orders in any situation according to their actual needs.
Q: Can take profit and stop loss only close positions?
A: Yes. Opening positions can be done through trigger orders.
Q: Is take profit and stop loss based on positions?
A: Yes, the take profit and stop loss orders are based on your current positions. You cannot set take profit and stop loss orders when you have no positions. You can set the order quantity based on the available quantity for closing the position.
In other words, if you have a position of 500 nominal value, you can set take profit and stop loss orders with a maximum quantity of 500 nominal value. However, if you placed a limit order to close 100 nominal value before setting take profit and stop loss, the available quantity will become 400 nominal value, and the maximum quantity for take profit and stop loss for this position will be 400 nominal value.
When the available quantity for closing the position is 0, you cannot set take profit and stop loss orders.
Q: How to cancel take profit and stop loss orders?
A: In your open trigger order list, take profit and stop loss orders will be displayed with separate labels (TP, SL). You can manually cancel them. When you manually close the entire position, the take profit and stop loss orders will be automatically canceled.
Q: Can take profit and stop loss orders fail?
A: Yes.
Take profit and stop loss orders may be affected by market volatility, leading to differences between the actual execution price and the set price. Take profit and stop loss orders can also fail to execute or be partially executed.
Description
1) ADL closing, automatic deleveraging, liquidation, and manual closure will affect the number of take profit and stop loss nominal value in open trigger order. Note: Cancellation due to position changes.
2) Changes in the estimated liquidation price due to manual margin adjustments may cause take profit and stop loss orders failing.
3) You can set up to 20 take profit and stop loss orders.
4) Traders cannot apply take profit and stop loss orders to the entire position but can set them for the current initiated trades.
Risk warning
If the market experiences significant fluctuations, there is a possibility that the take profit and stop loss order may not be fully executed or may not execute at all. Please make sure to fully understand how this feature works and use it with caution.
When the latest market price reaches the take profit and stop loss price you set, the nominal value you set for this position will be placed into a pending order in the form of the optimal transaction price.
WEEX is not responsible for any asset losses resulting from market price fluctuations.
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WEEX Team
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