BigONE Perpetual Contract Take Profit and Stop Loss Tutorial

To set up a take profit or stop loss order on BigONE's perpetual contracts, log in, select the contract, enter the price and amount, choose the order type, and confirm to execute the order when the specified price is reached.

Nov 26, 2024 at 02:18 am

BigONE Perpetual Contract Take Profit and Stop Loss Tutorial

Perpetual contracts are a type of futures contract that allows traders to speculate on the future price of an asset without having to take physical delivery of the underlying asset. They are similar to traditional futures contracts, but they do not have an expiration date, which means that traders can hold them indefinitely.

Take profit and stop loss orders are two common types of orders that traders use to manage their risk when trading perpetual contracts. A take profit order is an order to sell a contract when it reaches a certain price, while a stop loss order is an order to sell a contract when it falls to a certain price.

Setting up a take profit and stop loss order on BigONE is a simple process. Here are the steps:

1. Log in to your BigONE account.

2. Click on the "Perpetual" tab.

3. Select the contract that you want to trade.

4. Click on the "Open Order" button.

5. Enter the price at which you want to sell the contract in the "Price" field.

6. Enter the number of contracts that you want to sell in the "Amount" field.

7. Select the "Take Profit" or "Stop Loss" order type from the "Order Type" drop-down menu.

8. Click on the "Place Order" button.

9. Your order will be placed on the order book and will be executed when the price of the contract reaches the specified price.

Additional Tips:

• When setting a take profit order, it is important to consider the volatility of the asset. If the asset is highly volatile, you may want to set a take profit order that is only a few percentage points above the current price.
• When setting a stop loss order, it is important to consider the risk tolerance. If you are not comfortable with losing a significant amount of money, you may want to set a stop loss order that is only a few percentage points below the current price.
• You can also use a combination of take profit and stop loss orders to protect your profits and limit your losses. For example, you could set a take profit order that is a few percentage points above the current price and a stop loss order that is a few percentage points below the current price. This would allow you to lock in some of your profits if the price of the asset moves in your favor, while also limiting your losses if the price of the asset moves against you.