How to use Take Profit / Stop Loss on BTCMEX?

Take Profit / Stop Loss (TP/SL) is a prominent feature of crypto derivatives exchanges that helps to lock in the profit and avoid forced position liquidation by setting the affordable amount that can be lost manually, thus make trades safer in the time of drastic cryptocurrency price swings. TP/SL is automated on BTCMEX. Users can set TP/SL instructions while placing a Limit Order or add to an already opened position.

Setting TP/SL for a Limit Order

When placing a Limit Order, the TP/SL can be set in the order confirmation window when there is no open position.

Take Profit / Stop Loss can be set by selecting price and trigger in the order confirmation pop-up window. TP/SL trigger price can be entered manually or determined by the price distance (in USD) or by the rate of return (%) with the Quick Setup option. Users can also choose which price type (Last Price / Mark Price / Index Price) will serve as a trigger. Last Traded Price is set as a trigger by default on BTCMEX.

TP/SL for a Long position

To set the Take Profit instruction for a Long Position (Buy order) it is necessary to enter the Trigger Price that is higher than the position entry price. For example, if the entry Bitcoin price is USD 9,500, the TP Price can be set at USD 9,700. This instruction will automatically close the position when the market price reaches the selected TP trigger price, locking in the profit.

To set the Stop Loss instruction for a Long Position (Buy order) it is necessary to enter the Trigger Price that is lower than the position entry price. For example, if the entry Bitcoin price is USD 9,500, the SL Price can be set at USD 9,200. This instruction will automatically close the position when the market price reaches the selected SL trigger price, locking in the profit.

TP/SL for a Short position

To set the Take Profit instruction for a Short Position (Sell order) it is necessary to enter the Trigger Price that is lower than the position entry price. For example, if the entry Bitcoin price is USD 9,500, the TP Price can be set at USD 9,230. This instruction will automatically close the position when the market price reaches the selected TP trigger price, locking in the profit.

To set the Stop Loss instruction for a Long Position (Sell order) it is necessary to enter the Trigger Price that is higher than the position entry price. For example, if the entry Bitcoin price is USD 9,500, the SL Price can be set at USD 9,530. This instruction will automatically close the position when the market price reaches the selected SL trigger price, locking in the profit.

Setting TP/SL for an open position

Users can set or modify TP/SL instructions after opening a position by clicking the modification icon on the right of the“My Open Positions” block on the BTCMEX trading page. It will open a pop-up window, where TP/SL Price and Trigger can be set as described before.