Take Profit (TP) and Stop Loss (SL) orders are risk management tools which allow the users to close an existing position at a predetermined price.
Step 1: Navigate to the [Trade] tab, and tap on the symbol under [Open positions].
Step 2: Under the [Positions] tab, click on [Set Take Profit] or [Set Stop Loss].
Step 3: Input the value under [Trigger price] and tap [Confirm].
Step 4: [Liquidation notice] may appear if the SL is set too close to the liquidation price.
This serves as a warning that liquidation may occur first before the triggering of the SL.
Tap [Close] to adjust the SL trigger price.
Tap [Proceed] to ignore the warning and proceed with the placement of the SL order.
Step 5: Refer to the [Open] section to confirm the TP/SL orders.
Please note on the following:
- TP/SL is executed as a conditional market order when the Mid Price reaches the trigger price.
- Once the order is triggered, the position will be entirely closed, but there can be cases of failure when there is a lack of liquidity in the market.
- If the trigger price is set too close to the liquidation price, your position may become liquidated even after your order is triggered.
Risk Warning:
Trading in cryptocurrency involves risk and potential losses. Before trading, please make your investment decisions cautiously by considering your investment objectives, experience, and risk tolerance. You are solely responsible for your investment decisions, and Flipster is not liable for any losses you may incur. Derivatives trading, in particular, is subject to high market risk and price volatility. Please obtain independent advice where appropriate. This information should not be construed as financial or investment advice.