Biconomy Contract: Take Profit and Stop Loss
Users of Biconomy Global Station:
About Biconomy Contracts [Take Profit and Stop Loss]
Introduction of Take Profit and Stop Loss Function
Users can perform take profit/stop loss operations in the position.
During the setting process, the user only needs to enter the price and quantity of the take profit/stop loss, and the order can be successful. When the latest transaction price of the market reaches the take profit/stop loss price you set, a pending order will be placed in the number of sheets you set for this position in the form of the optimal transaction price.
Note: The maximum number of take profit/stop loss sheets is the number of sheets that can be closed for this position - the current number of orders for take profit/stop loss
Q: What is Take Profit and Stop Loss?
A: Take profit refers to a common contract trading operation in which the user believes that the profit generated when the contract price rises/falls to a certain position can be closed in time to convert his unrealized profit into realized profit;
Stop loss refers to a common contract trading operation that the user believes that when the contract price rises/falls to a certain position, the loss is generated, and the position needs to be closed in time to avoid larger losses;
Biconomy currently provides "Take Profit/Stop Loss" commands: users can set the Take Profit/Stop Loss price in advance, and when the latest market transaction price reaches the Take Profit/Stop Loss price you set, it will be sent in the form of the optimal transaction price. The number of sheets you set for this position is to place (close) a pending order.
Q: When to use take profit and stop loss?
A: Usually, when the user has a position and cannot follow the market for a long time, he can consider using the "Take Profit/Stop Loss" order to place the order. But in principle, as long as the user has a position, they can use the "Take Profit/Stop Loss" order under any circumstances according to their actual needs.
Q: Can take profit and stop loss only be closed?
A: Yes. Open positions can use planned orders.
Q: Does the take profit and stop loss take the position as the main body?
A: Yes, the order of take profit and stop loss is based on your current position. You cannot set take profit and stop loss order when you have no position. You can set the order quantity based on the closeable quantity in the position.
That is to say, if you have a position of 500 contracts, you can set up orders for take profit and stop loss, and the maximum number of contracts is 500 contracts. However, if before setting the take profit and stop loss, you have placed 100 orders to close the position at the limit price, and the amount that can be closed becomes 400. At this time, the maximum number of take profit and stop loss for this position is 400.
When the amount that can be closed in your position is 0, you cannot set Take Profit and Stop Loss.
Q: How to cancel Take Profit and Stop Loss?
A: In your current plan list, Take Profit and Stop Loss orders will be displayed with separate labels (Take Profit, Stop Loss) in the list, and you can cancel them manually. When you actively liquidate all the positions, the take profit and stop loss order will also be cancelled.
Q: Will take profit and stop loss fail?
A: Yes.
If the market fluctuates violently, when the take profit and stop loss are triggered, the actual transaction price may be different from the price at that moment. There is also the possibility that the take profit and stop loss orders cannot be filled or cannot be fully filled.
illustrate
1) Agreement liquidation, automatic liquidation, liquidation, manual liquidation, etc. will affect the number of stop-profit and stop-loss contracts in the current plan. Remarks: position changes are cancelled.
2) The change in the expected liquidation price caused by manual adjustment of the margin may cause the take profit and stop loss to fail.
3) A maximum of 20 take profit and stop loss can be set.
4) Traders cannot use the Take Profit and Stop Loss of the total position, but can use the Take Profit and Stop Loss of the current position in the order.
Biconomy Futures：Take Profit and Stop Loss
