Take Profit Order: Take Profit Order is an order that gives an opportunity to the user/trader to choose the minimum profit on the trade. Both Limit and Take Profit price has to be selected on the trade. Also, this order is not guaranteed to be executed.
Like Stop Loss Orders, Take Profit Orders are also used to liquidate assets upon reaching a certain price level. The order will be triggered on reaching the trigger price mentioned in the order.
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Before starting:
- You will need to create an account and complete verification
Getting Started:
- Go to the Metal X website and connect your WebAuth Wallet
- Choose your trading pairs
- For example, let's say you want to use the XPR/XUSDC pairs. Think of XPR as "asset 'A'" and XUSDC as "asset 'B'"
- Scroll down and click the "TAKE PROFIT" tab to start your Take Profit Order
- BUY: In order to make a BUY Take Profit order, you will stay on the left window
- This means you will be buying more of asset "A" by selling asset "B" if the TRIGGER PRICE hits a specific amount above the PRICE
- For the PRICE section, enter the value amount of asset "B" you would like to initiate this order at
- For the TRIGGER PRICE section, enter an amount higher than the PRICE amount
- For the AMOUNT section, enter the value of asset "A" that you would like to purchase once the value of asset "B" starts going above the PRICE value
- The "Total" calculates how much of asset "B" will be sold for asset "A"
- Click "Buy ____" once you're ready and authorize the transaction from your WebAuth Wallet
- This means you will be buying more of asset "A" by selling asset "B" if the TRIGGER PRICE hits a specific amount above the PRICE
- SELL: In order to make a SELL Take Profit order, you will stay on the right window
- This means you will be selling asset "A" into asset "B" if the TRIGGER PRICE hits a specific amount above the PRICE
- For the PRICE section, enter the price value of asset "B" you would like to initiate this order at
- For the TRIGGER PRICE section, enter a value higher than the PRICE amount
- For the AMOUNT section, enter the value of asset "A" that you would like to sell off once the value of asset "B" starts going above the PRICE value
- The "Total" calculate how much of asset "A" will be sold for asset "B"
- Click "Sell ____" once you're ready and authorize the transaction from your WebAuth Wallet
- This means you will be selling asset "A" into asset "B" if the TRIGGER PRICE hits a specific amount above the PRICE
- BUY: In order to make a BUY Take Profit order, you will stay on the left window
That's it, you've successfully initiated a Take Profit Order! You can check your order by scrolling down and clicking the "Open Orders" tab. You can cancel the transaction anytime by going under the "Actions" section.
Remember: the Order will only complete once the PRICE reaches the TRIGGER PRICE amount.
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Additional Resources
Click here to learn how to also place the following orders on Metal X: