Could you please provide a clear and concise explanation on how to set take profit orders on the Phemex platform? I'm a bit new to this and would appreciate a step-by-step guide on how to go about it. Are there any specific settings or considerations I should keep in mind when placing a take profit order? Additionally, could you elaborate on the potential benefits and risks associated with using this type of order on Phemex?
7 answers
Silvia
Tue Oct 08 2024
For a Stop Loss order, you'll need to specify the stop loss price. This is the price at which you want to automatically sell your position to limit your potential losses.
Valeria
Tue Oct 08 2024
Once you're on the Contract Trading page, locate the Open Positions tab. This tab will display all your current open positions in the cryptocurrency market.
DaeguDivaDance
Tue Oct 08 2024
From the Open Positions tab, find the target symbol you wish to set a Take Profit or Stop Loss order for. Under the TP/SL (Trailing Stop) column, click on the -/-(-) icon next to the symbol.
KimchiQueenCharmingKiss
Tue Oct 08 2024
Clicking on the icon will open a new window where you can select your preferred order type. You can choose to set a Take Profit order, a Stop Loss order, or both.
CryptoLodestar
Tue Oct 08 2024
Setting up a Take Profit or Stop Loss order on Phemex is a straightforward process. Start by logging into your Phemex.com account and navigating to the Contract Trading section.