#OrderTypes101

Do you know about the TP and SL functions in limit orders on the spot?

These functions appeared relatively recently and allow for automated trading.

For example, before, I would set limit orders for buying overnight. So as not to miss a price drop while I sleep. Then, in the morning, I would try to sell what I purchased.

But there are times when the price drops at night and then rises sharply? This happens very often.

That’s why we now use TP/SL functions:

- TP - take profit. We specify the price at which we want to sell or the desired % profit

- SL - stop loss. We specify the price or % for selling in case of a price drop.

If the purchase is completed, two (!) sell orders are automatically created, TP and SL. One cancels the other in case of execution.

Any of the parameters is optional. You can specify only TP or only SL.

I set such an order for the night, woke up, and it not only bought but also sold 🤗 wonderful! Too bad there’s no button “repeat if possible”