#OrderTypes101 Do you know about TP and SL functions in limit orders on spot?

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

For example, before I used to set limit orders for buying at night. To not miss 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 rises sharply, right? It happens quite 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 % sale 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.