What are Take Profit and Stop Loss?
Take Profit and Stop Loss refer to preset Take Profit (TP) and Stop Loss (SL) prices. When the Mark Price reaches the corresponding condition, the system will automatically submit a market close order. By setting TP and SL, users can automatically lock in profits and control risk without continuously monitoring the market.
Echobit supports setting TP and SL either when opening a position or after a position has already been opened.
How to set Take Profit and Stop Loss
I. Set TP and SL when opening a position
1. Select a futures trading pair
Web: Visit the official Echobit website and log in to your account. Click "Futures" → "USDT-M Futures" in the top navigation bar to enter the futures trading page. Click the trading pair area in the upper-left corner and select the contract you want to trade.
App: Open the Echobit App and log in to your account. Tap "Futures" in the bottom navigation bar to enter the USDT-M Futures trading page. Tap the trading pair area in the upper-left corner and select the contract you want to trade.
Examples include BTCUSDT, ETHUSDT, and SOLUSDT.
2. Set trading parameters
Choose the margin mode, adjust the leverage, and select the order type. Only Limit Orders and Market Orders support setting TP and SL at the time of order placement.
3. Standard TP/SL settings
After completing the above steps, check the "TP/SL" option when placing an opening order and set fixed trigger prices.
- Trigger Price: When the market's Last Price or Mark Price reaches the level you set, the system will trigger the order.
- Take Profit (TP): For a long position, set it above the entry price. For a short position, set it below the entry price. This is used to lock in profits.
- Stop Loss (SL): For a long position, set it below the entry price. For a short position, set it above the entry price. This is used to limit losses.
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Trigger Type: You can usually choose Market, which closes the position quickly at the best available market price after triggering, or Limit, which places a closing order at a specified price after triggering.
4. Advanced TP/SL settings
Advanced TP/SL supports setting conditions based on Trigger Price, ROI, or Profit and Loss, helping you manage positions more flexibly.
- Enable TP/SL by checking "TP/SL" in the order area, then click "Advanced" on the right.
- Choose the position direction: Long Position or Short Position.
- In Take Profit or Stop Loss, select the trigger method: Trigger Price, ROI, or Profit and Loss.
- Fill in the corresponding parameters based on the selected trigger condition.
- Choose the trigger price source: Latest Price or Mark Price.
- Click "Confirm" to complete the setup.
II. Set TP and SL after opening a position
1. Access the Positions section
Visit the official Echobit website and log in to your account. Click "Futures" → "USDT-M Futures" to enter the futures trading page. Select any futures trading pair, then click "Positions" at the bottom to view your current position orders.
2. Standard TP/SL settings
Click the "TP/SL" edit button on the right side of the position you want to manage. Select TP/SL, enter the take profit price, stop loss price, and position quantity, then confirm. The settings will take effect immediately.
3. Advanced TP/SL settings
Click the "TP/SL" edit button on the right side of the position you want to manage, then select Position TP/SL. Choose the trigger method, enter the required conditions, select the trigger price source, and click "Confirm" to complete the setup.
Echobit Official Channels
Website: http://echobit.com/
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Risk Disclaimer
Cryptocurrency investments are subject to high market risk and price volatility. You should only invest in products that you are familiar with and fully understand the associated risks.
Before making any investment decisions, please carefully assess your investment experience, financial situation, investment objectives, and risk tolerance, and consider seeking advice from an independent financial advisor.
The information provided in this document is for informational purposes only and should not be considered financial, investment, or trading advice. Past performance is not indicative of future results. The value of your investments may fluctuate, and you may lose part or all of your invested capital.
You are solely responsible for your investment decisions. Echobit shall not be liable for any losses or damages arising from your investment activities.
