How to Set TP/SL in Futures Trading on BITGP?

This article explains how to set Take-Profit (TP) and Stop-Loss (SL) orders while trading futures on BITGP, ensuring you can manage risk and lock in profits efficiently.

What Are TP and SL in Futures Trading?

Take-Profit (TP) and Stop-Loss (SL) are vital tools in futures trading, designed to assist traders in managing risk and securing profits automatically. A Take-Profit (TP) order closes your position when a predetermined profit target is achieved, locking in gains without requiring constant monitoring. Likewise, a Stop-Loss (SL) order automatically closes your position when the market price hits a specified level, limiting potential losses.

Using TP and SL effectively removes emotional decision-making, fosters discipline in volatile markets, and supports adherence to a consistent trading strategy. These tools are especially valuable in futures trading, where leverage magnifies both profits and risks. Whether you’re a novice or a seasoned trader, incorporating TP and SL into your trading plan helps protect your capital, maximize returns, and maintain control over your investments.

Types of TP/SL Settings Available on BITGP

BITGP provides flexible Take-Profit (TP) and Stop-Loss (SL) options to accommodate various trading strategies and preferences. Here’s an overview of the available TP/SL settings:

1. ROI (%): Set TP/SL trigger prices based on an estimated Return on Investment (ROI) percentage.
   • Example:
     • Enter "10%" to automatically take profit at a 10% gain.
     • Enter "-5%" to trigger a stop-loss when your ROI decreases by 5%.
2. Change (%): Define TP/SL trigger prices based on the percentage change from your entry price.
   • Example:
     • Enter "5%" to activate a take-profit order when the price rises by 5%.
     • Enter "-3%" to set a stop-loss when the price falls by 3%.
3. PnL: Set TP/SL based on the estimated Profit and Loss (PnL) amount in the base currency (e.g., USDT).
   • Example:
     • Input "100" in the PnL field to secure profits when your gain reaches 100 USDT.
     • Input "-50" in the PnL field to stop losses when your loss reaches 50 USDT.

How to Set TP/SL on the BITGP Website

Step 1: Access the TP/SL Settings

1. Navigate to the Futures Trading section and select your desired trading pair.
2. Locate the TP/SL section within the trading panel.
3. Choose an existing position or enter details for a new order.
   • Example: If you need to adjust TP/SL settings for an existing position.
     

Step 2: Configure TP/SL

1. In the TP/SL Settings panel, configure your parameters using one of these methods. For quick adjustments, set the TP/SL price directly, or use Advanced Settings to tailor your strategy with these options:
   • ROI (%): Input a percentage-based ROI target.
   • Change (%): Specify a percentage change from your entry price.
   • PnL (USDT): Define an exact profit or loss amount in USDT.
     

Step 3: Confirm Your Settings

• After entering your parameters, click Confirm.

How to Set TP/SL on the BITGP Mobile App

Step 1: Open the TP/SL Panel

1. Go to the Futures Trading section in the mobile app.
2. Select an existing position or initiate a new order.
3. Tap TP/SL to access the settings interface.
   • Example: If you need to modify TP/SL settings for an existing position.
     

Step 2: Set TP/SL Parameters

• In the TP/SL Settings panel, configure your parameters using one of these methods. For quick adjustments, set the TP/SL price directly, or use Advanced Settings to customize your strategy with these options:
  1. ROI (%)
  2. Change (%)
  3. PnL (USDT)
     

Step 3: Confirm Your Settings

• After inputting your parameters, tap Confirm.

FAQs

1. Can I modify my TP/SL settings after placing an order?
   • Yes, you can edit or remove TP/SL settings for active positions via the Positions section on the mobile app or website.
2. What happens if I manually close my position?
   • If you close a position manually, all associated TP/SL orders will be canceled automatically.
3. Can I set TP/SL for multiple open positions?
   • Yes, each position allows individual TP/SL parameters, providing precise control over your trades.
4. Does BITGP charge additional fees for TP/SL orders?
   • No, setting TP/SL is free, though standard trading fees apply when the orders are executed.
5. Can I use TP/SL with both cross margin and isolated margin modes?
   • Yes, TP/SL can be applied to positions in both cross margin and isolated margin modes.

Disclaimer and Risk Warning

All trading tutorials provided by BITGP are for educational purposes only and do not constitute financial advice. The strategies and examples shared are illustrative and may not reflect real-time market conditions. Cryptocurrency trading involves significant risks, including the potential loss of your funds. Past performance is not indicative of future results. Always conduct thorough research and understand the risks involved. BITGP is not responsible for any trading decisions made by users.