#OrderTypes101

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

These functions have appeared relatively recently and allow for automated trading.

For example, before I used to set limit orders for buying overnight. To avoid missing a price drop while I sleep. And then, in the morning, I would try to sell what I bought.

But sometimes the price drops at night and then sharply rises, right? It happens very often.

So now we use the TP/SL functions:

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

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

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

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

I placed such an order overnight, woke up, and it not only bought but also sold 🤗 wonderful! Too bad there’s no button "repeat if possible"