Traders have several ways to complete cryptocurrency trades so that they can manage their trades effectively. They can also set and change their target price and/or loss limits.
All orders are divided into two types: market and limit orders.
Market orders are for opening or closing a position at the market price immediately after submitting the order. This means that the trader completes the trade here and now at the current price. To do that, traders must open the trade window, enter the transaction information (the volume being traded and leverage amount) and select whether it's a buy or sell order. Take Profit and Stop Loss levels can also be set.
Traders can complete the position they selected in the 'open positions' section by clicking 'Close' to close a position at the current market price.
The other type, limit orders, are executed when certain conditions are met. For example, a trader can place an order to open a trade when the price reaches a certain price. To do this, go to the "Limit/Stop" tab in the window to open a trade.
After that, set the position parameters, the target price when the deal should open, and the trade direction.
Stop/Loss can be used by a trader to guard against extra risk. Traders can decide in advance what limits they want to set on their potential risks. You can set the Stop/Loss when reaching a specific price on an open position. Just select the appropriate position from the list of all open positions. You will see a window:
Activate the "When price is reached" option by left-clicking it. Enter the desired value and click "Save".
Take Profit can be used by a trader to lock in a certain amount of profit. The cryptocurrency market is extremely volatile, which often leads to situations where the price rises very fast before reversing course just as quickly. Place a Take Profit order to make sure you don't miss your chance to lock in profit. Traders can set a specific price at which the trade will close when reached. Stop Loss is set the same way as Take Profit (see the procedure described above).