In the Binance platform, you can use Take Profit, Stop Loss, and Partial Order within trading transactions, especially in Spot or Futures trading. Here’s a simplified explanation of each:
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1. Take Profit order
It is used to specify a certain price at which the currency is automatically sold to make a profit.
Example: If you bought ARB at a price of $1.00, you can set a Take Profit order at $1.20.
In futures:
Use the option:
TP/SL next to "Position" or via Take Profit/Stop Loss button.
2. Stop Loss order
It is used to reduce losses in case of a price reversal.
Example: If you bought at $1.00, you can set a stop-loss order at $0.90.
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3. Partial Order
It executes only part of the trade instead of the full amount.
In Binance, this can be achieved in two ways:
Manually dividing the amount: Entering part of the quantity in each order.
Or use an OCO (One Cancels the Other) order:
Allows you to set a sell order with dual targets:
Price to take profit.
And a price for the stop loss.
When one of the two orders is activated, the other is automatically canceled.
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How to create an OCO order in Binance (Spot Trading):
1. Enter the currency pair.
2. Choose the order type: OCO.
3. Enter the following:
Price: Take profit price.
Stop: The price that triggers the stop-loss order.
Limit: The actual selling price after triggering the stop loss.
Amount: The quantity you want to sell.