Managing risk is the backbone of profitable trading. Whether you’re day trading or swing trading, setting Stop Loss (SL) and Take Profit (TP) orders ensures you protect your capital and lock in profits.
1️⃣ Using the Limit/Stop-Limit Order
Stop Loss (SL):
Go to your trading pair (e.g., BTC/USDT).
Select Stop-Limit order.
Set the Stop Price (the trigger point).
Set the Limit Price (the actual sell price).
Confirm order.
(Example: BTC at $70,000 — SL at $68,500 to limit losses.)
Take Profit (TP):
Choose Limit Order.
Set your target sell price above the entry price.
Confirm order.
(Example: Bought BTC at $70,000 — TP at $73,000 to secure gains.)
2️⃣ Using OCO (One Cancels the Other)
With OCO orders, you can set TP and SL together:
Go to OCO order type.
Set Limit Price (Take Profit).
Set Stop Price and Stop-Limit Price (Stop Loss).
Once one is triggered, the other is automatically canceled.
✅ Pro Tips:
Always set SL below support and TP near resistance.
Avoid setting SL too tight — allow for natural market fluctuation.
Adjust TP/SL as the trade moves in your favor.