In contract trading, setting take profit and stop loss is an important skill that every investor must master. It helps us lock in profits in a timely manner during market fluctuations while limiting potential losses. The OKX app, as a leading digital asset trading platform, provides convenient take profit and stop loss setting features, easily achievable on both the trading page and specific position page. This article will detail how to set take profit and stop loss on the OKX app, helping you better manage trading risks.
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Basic Concepts of Take Profit and Stop Loss
Take profit and stop loss are forms of strategy orders that allow investors to set orders and trigger conditions in advance. When the latest price, marked price, or index price of the contract reaches the pre-set trigger price, the system will automatically send the preset order to the market at the specified order price, thereby achieving the purpose of take profit or stop loss.
Take Profit: When the contract direction is correct, lock in profits in a timely manner to prevent losses due to market fluctuations.
Stop Loss: When the contract direction is incorrect, acknowledge the mistake in a timely manner and limit losses to protect the principal and subsequent trading ability.
Setting Take Profit and Stop Loss on the OKX App
- Setting Take Profit and Stop Loss on the Trading Page
Setting Take Profit and Stop Loss When Opening a Position
When opening a long or short position, you can set take profit and stop loss in the [Order Confirmation] section.
Enter the take profit trigger price and stop loss trigger price, then click [Confirm].
Setting Take Profit and Stop Loss After Opening a Position
Taking a long position as an example, click [Close Position] and select [Take Profit and Stop Loss].
Choose [Two-Way Take Profit and Stop Loss], and enter the take profit trigger price, take profit order price, stop loss trigger price, and stop loss order price.
After entering the quantity, click [Sell to Close Long] to complete the setup.
2. Setting Take Profit and Stop Loss on the Specific Position Page
Click [Position] and select the specific position for which you want to set take profit and stop loss.
Click [Take Profit and Stop Loss], enter the take profit trigger price, stop loss trigger price, and quantity.
Click [Confirm] to complete the setup.
Notes
Trigger Price: Refers to the price at which the market's latest price reaches the set trigger price, triggering the take profit and stop loss order and completing the order placement.
Order Price: Refers to the price at which the take profit and stop loss order will be placed after being triggered.
Orders will not enter the market before being triggered and will not freeze positions or margin.
Successfully triggered limit orders are the same as regular limit orders and may not be filled; unfilled limit orders will be displayed in the current order list.
In cases of severe market fluctuations, there may be situations where orders cannot be filled.
If you need to quickly close all positions, you can select a specific position and click [Market Close All].