AscendEX Perpetual Contract Take Profit and Stop Loss Tutorial

To set up a stop loss order on AscendEX, fill out the Order form, select "Stop Market" as the order type, set market and trigger prices, enter the contract quantity, and submit the order by clicking "Sell" or "Buy."

Nov 23, 2024 at 12:12 pm

AscendEX Perpetual Contract Take Profit and Stop Loss Tutorial

Introduction

Perpetual contracts are a type of derivative that allows traders to speculate on the future price of an underlying asset. They are similar to futures contracts, but they do not have an expiry date. This means that traders can hold positions for as long as they want.

Take profit and stop loss orders are two essential risk management tools that traders can use to protect their profits and limit their losses. A take profit order is an order to sell an asset when it reaches a certain price. A stop loss order is an order to sell an asset when it falls to a certain price.

How to Set Up a Perpetual Contract

To set up a perpetual contract on AscendEX, you will need to:

1. Log in to your AscendEX account.
2. Click on the "Contracts" tab.
3. Select the perpetual contract that you want to trade.
4. Enter the number of contracts that you want to trade.
5. Click on the "Buy" or "Sell" button.

How to Set Up a Stop Loss and Take Profit Order

To set up a stop loss order, you will need to:

1. Log in to your AscendEX account.
2. Go to the "Orders" page by clicking on URL: https://ascendex.com/en-us/trade-futures

3. Fill out Order form:

   • Select order type "Stop Market".
   • Set Market Price.
   • Set Trigger Price. Trigger price should be lower than Market price if placing an order for Buy and should be higher than Market price if placing an order for Sell.
   • Enter the quantity of contract.
   • Click the "Sell" or "Buy" button to submit the order.

To set up a take profit order, you will need to:

1. Log in to your AscendEX account.
2. Go to the "Orders" page.

3. Fill out Order form:

   • Select order type "Take Profit Market".
   • Set Market Price.
   • Set Trigger Price. Trigger price should be higher than Market price if placing an order for Buy and should be lower than Market price if placing an order for Sell.
   • Enter the quantity of contract.
   • Click the "Sell" or "Buy" button to submit the order.

Tips for Using Stop Loss and Take Profit Orders

Here are some tips for using stop loss and take profit orders:

1. Use stop loss orders to limit your losses.

A stop loss order is an essential risk management tool that can help you to protect your profits and limit your losses. By setting a stop loss order, you can specify the maximum amount of loss that you are willing to accept on a trade. If the price of the asset falls to your stop loss price, your order will be executed and you will sell your position.

2. Use take profit orders to lock in your profits.

A take profit order is an order to sell an asset when it reaches a certain price. By setting a take profit order, you can lock in your profits and ensure that you do not give them back. If the price of the asset rises to your take profit price, your order will be executed and you will sell your position.

3. Be aware of the risks involved.

Stop loss and take profit orders are essential risk management tools, but they can also be risky. If the price of the asset moves against you quickly, your stop loss or take profit order may not be executed at the price that you intended. This can result in you losing more money than you anticipated.

4. Monitor your positions closely.

Once you have set up a stop loss or take profit order, it is important to monitor your position closely. This will help you to ensure that your order is executed at the price that you intended.

5. Use stop loss orders in conjunction with take profit orders.

Stop loss orders and take profit orders can be used together to create a more comprehensive risk management strategy. By using both types of orders, you can protect your profits and limit your losses.