Overview
Reasonably managing the profit and loss is a critical symbol of an experienced cryptocurrency derivatives trader. The key to making the profit is to know when and how to take the profit and stop loss for a certain position. For the purpose of fulfilling the user needs and improving the user experience, based on the previously developed P&L function, the TP&SL function when opening the position is launched in both App and Web at CCFOX.
Prerequisite
The hedge mode needs to be preset in the preference page.
How to settle the stop profit and loss
App
Click the top right “...” button on the trading tab, and enter the preference setting.
Open position (whatever bid or ask)
Let's market price order as an example, the TP&SL function is available and supported in all orders.
Firstly, input the quantity of order and select the margin rate
Then, click the TP&SL button and input the take-profit price and stop-loss price as well, or select the proportion of the P&L rate. Trigger type (market price, index price or mark price) and matching type are also need to be selected.
Click confirm button and the order could be seen at the current position
Web
First, switch the position mode at the top
Then input the quantity of orders and adjust margin rate as well when opening position .
The current position could be seen at the bottom of trading page.
Advantage of Setting Take Profit and Stop Loss when opening position
Comparing with setting the TP&SL when holding position, setting them in advance when opening the position would be much more convenient and friendly for all traders, and the potential risk could be prevented, for example, the potential loss due to the fluctuations of collateral price and extreme market condition when open the position.