Biconomy Contract Trading: How to Set Take Profit (TP) and Stop Loss (SL) Orders
This guide will explain how to set Take Profit (TP) and Stop Loss (SL) orders while trading contracts on Biconomy to help you effectively manage risk and secure profits.
What are Take Profit and Stop Loss in Contract Trading?
Take Profit (TP) and Stop Loss (SL) are essential tools in contract trading designed to help traders manage risks and automate profit-taking.
• Take Profit (TP) Order: Closes your position automatically when a certain profit target is reached, ensuring you secure earnings without constant monitoring.
• Stop Loss (SL) Order: Automatically closes your position when the market price hits a pre-set level, minimizing potential losses.
By using TP and SL effectively, traders can remove emotional biases, stay objective during market fluctuations, and implement a consistent trading strategy. These tools are especially crucial in contract trading, as leverage magnifies both profits and risks. Whether you are a beginner or an experienced trader, integrating TP and SL orders into your strategy can enhance capital protection, optimize returns, and maintain better control over your funds.
Types of Take Profit and Stop Loss Settings Available on Biconomy
Biconomy offers flexible TP and SL options to accommodate different trading strategies and preferences. Here is an overview of the available settings:
1. Return on Investment (ROI %)
• Set TP and SL triggers based on the estimated ROI percentage.
• Example:
• Input “10%” → The system automatically takes profit when the ROI reaches 10%.
• Input ”-5%” → The system stops losses when the ROI drops to -5%.
2. Price Change (%)
• Set TP and SL triggers based on the percentage change relative to the entry price.
• Example:
• Input “5%” → The system triggers TP when the price rises by 5%.
• Input ”-3%” → The system triggers SL when the price drops by 3%.
3. Profit and Loss (USDT)
• Set TP and SL triggers based on estimated Profit and Loss (PnL) values in USDT.
• Example:
• Input “100” → The system takes profit when the PnL reaches 100 USDT.
• Input ”-50” → The system stops losses when the PnL reaches -50 USDT.
How to Set TP & SL Orders on Biconomy (Web Version)?
Step 1: Open the TP/SL Settings
1. Navigate to the contract trading section and select a trading pair.
2. Locate the Take Profit / Stop Loss settings in the trading panel.
3. Choose an existing position or enter new order details.
Step 2: Configure the TP/SL Parameters
1. In the TP/SL settings panel, you can choose one of the following methods to configure parameters:
• ROI (%) → Set profit and loss targets based on percentage ROI.
• Price Change (%) → Configure based on percentage price movement.
• PnL (USDT) → Set exact profit or loss amounts in USDT.
Step 3: Confirm the Settings
• After entering the parameters, click “Confirm”.
How to Set TP & SL Orders on Biconomy (App Version)?
Step 1: Open the TP/SL Settings
1. Go to the contract trading section in the Biconomy app.
2. Select an existing position or create a new order.
3. Click on “Take Profit / Stop Loss” to open the settings panel.
Step 2: Configure TP/SL Parameters
1. In the TP/SL settings panel, choose one of the following methods to configure parameters:
• ROI (%)
• Price Change (%)
• PnL (USDT)
Step 3: Confirm the Settings
1. Enter the parameters and click “Confirm”.
Frequently Asked Questions (FAQ)
1. Can I modify my TP/SL settings after placing an order?
• Yes. You can edit or remove TP/SL settings for open positions in the “Positions” (or “Holdings”) section on both the app and website.
2. What happens if I close a position manually?
• If you manually close a position, all related TP/SL orders will be canceled automatically.
3. Can I set TP/SL for multiple open positions?
• Yes. Each position supports individual TP/SL parameters, allowing for precise trade control.
4. Does Biconomy charge additional fees for TP/SL orders?
• No. TP/SL orders can be set for free, but standard trading fees apply when the order is executed.
5. Can I use TP/SL orders in both cross-margin and isolated margin mode?
• Yes. TP/SL settings are available for both cross-margin and isolated margin positions.
Disclaimer & Risk Warning
Biconomy provides all trading tutorials for educational purposes only and they should not be considered financial advice. The strategies and examples shared are for reference only and may not reflect actual market conditions.
Cryptocurrency trading involves significant risks, including potential capital loss. Past performance does not guarantee future results. Please conduct thorough research and understand all risks involved before trading. Biconomy is not responsible for any trading decisions made by users.
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