Bitget: How to set TP and SL orders

In cryptocurrency trading, take-profit (TP) and stop-loss (SL) orders are essential risk management tools. They help traders lock in profits or avoid potential losses in volatile markets. In this article, Bitget will guide you through setting up TP and SL orders in cryptocurrency trading.

1. What are TP and SL orders

TP refers to a common futures trading operation where users close their position promptly when the futures price rises or falls to a certain level, converting their unrealized profits into realized profits.

• The TP order is also a pre-set command that triggers the system to automatically execute sell or close orders to lock in profits when the price of a traded cryptocurrency reaches a specific TP price level.

• For example, if you buy a cryptocurrency at $80 and wish to sell it at $100, you can set a TP order at $100. When the price hits this target, the system will automatically execute the sell order, securing your profits.

SL refers to a common futures trading operation where users close the position promptly when the futures price rises or falls to a certain level, preventing further losses.

• The SL order is also a pre-set command that triggers the system to automatically execute sell or close orders to prevent potential losses when the price of a traded cryptocurrency reaches or falls below a specific SL price level.

• For example, if you buy a cryptocurrency at $100 but wish to limit potential losses if the price drops, you can set an SL order at $95. When the price reaches this target, the system will automatically execute the sell orders, preventing further losses.

Bitget allows users to set TP and SL prices in advance. When the last market execution price reaches the set TP or SL price, the system will execute a closing order at the best execution price. Depending on whether the trigger price is higher or lower than the last price or mark price, the system will recognize the order as a TP or SL order.

Long or short	Trigger price	TP/SL
Buy long	Trigger price ≥ last price (futures price or mark price)	SL
	Trigger price < last price (futures price or mark price)	TP
Sell short	Trigger price ≤ last price (futures price or mark price)	SL
	Trigger price > last price (futures price or mark price)	TP

2. How to set a TP order

1. Open the Bitget app and enter the futures page. If you have not opened a position yet, you can set TP on the order page.

2. If you have an open position, you can locate the TP option in the trading order window for that position.

3. Set the TP price: Enter your target TP price based on your analysis, as well as any support and resistance levels.

4. Confirm settings: Double-check the TP price and click the Confirm button. With that, your TP order is now set.

3. How to set a SL order

1. Likewise, find the SL option in the trading order window.

2. Set the SL price: Enter your target SL price based on your risk tolerance and trading strategy. Typically, the SL price is set at a certain level below the entry price to limit potential losses.

3. Confirm settings: Confirm the SL setup and ensure that your settings have been saved.

4. Notes

You may need to adjust your TP and SL prices in response to market fluctuations. As the market moves favorably, consider raising the TP price incrementally. If the market shifts unfavorably, adjust the SL price to reduce risks. When the last market execution price reaches the set TP or SL price, Bitget will automatically place a closing order with the specified position size at the best execution price.

Additionally, adjustments may be necessary if your trading strategies change. For example, a more conservative trading strategy may involve tightening the SL range, while higher volatility may call for expanding both the TP and SL ranges. While TP and SL orders aid in risk management, they are not foolproof. In highly volatile markets, these orders may not execute or may only partially execute. Ensure you have a detailed understanding of this feature and use it with caution. It's also important to keep a close eye on market dynamics and make timely adjustments.