Managing risk is a cornerstone of successful trading, especially in the volatile world of cryptocurrency derivatives. One of the most effective tools for protecting capital and locking in profits is the take-profit (TP) and stop-loss (SL) order. This guide walks you through how to set, modify, and cancel TP/SL orders for both perpetual and delivery contracts—essential knowledge for traders aiming to automate their exit strategies and maintain disciplined risk management.
Whether you're opening a new position or managing an existing one, understanding the nuances of TP/SL mechanics can significantly enhance your trading precision.
Setting Up Take-Profit and Stop-Loss Orders
You can configure take-profit and stop-loss orders either at the time of entry or after a position has been opened. Both methods offer flexibility depending on your strategy and market outlook.
Option A: Setting TP/SL When Placing a New Order
When initiating a trade, follow these steps to secure your exit points in advance:
- Enter your desired order size in the trading interface.
- Click on the Take-Profit / Stop-Loss box within the order panel.
- Configure the following parameters:
Select Position Direction
Choose whether you're going long (buy) or short (sell)—this determines how price movement affects your profit or loss.
Set TP/SL Prices
Input your desired take-profit and stop-loss price levels. These define the exact points at which your position will begin to close.
Choose Activation Scope
Decide how broadly the TP/SL applies:
- Entire Position: The order triggers once any part of your position is filled. Upon activation, a market order closes your full position.
- Current Order: Applies only to the quantity specified in the initial order. You can have multiple partial TP/SL levels active simultaneously.
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Note: If you adjust your order size before execution, the linked TP/SL quantities will automatically update to match.
Select Pricing Mode
You can define your exit points using three intuitive methods:
- By Price: Manually input a trigger price based on reference values like the latest traded price, index price, or mark price. Alternatively, use a percentage change from your entry price.
- By Percentage (PnL or ROI): Set a target return or loss threshold as a percentage. The system calculates the corresponding price level.
- By Profit & Loss (PnL): Enter a specific profit or loss amount (excluding fees), and the platform computes the required price to reach it.
Use Limit Orders for Partial Exits
For more control over execution, you can set TP/SL limit orders. These require two inputs:
- A trigger price to activate the order
- A limit price at which the order will be placed on the order book
Important: Unlike market-based TP/SL orders, limit orders are not guaranteed to fill—especially in fast-moving markets.
Once all settings are confirmed, click Submit. Your TP/SL will activate automatically upon partial or full order fill.
Option B: Adding TP/SL to an Open Position
If you’ve already entered a trade without pre-setting exits, don’t worry—you can still add them later:
- Navigate to your open positions tab.
- Click Add under the Take-Profit / Stop-Loss section.
Input your desired prices and select the scope:
- Entire Position: Full liquidation upon trigger via market order.
- Partial Position: Allows setting multiple exit levels with custom sizes.
You can also choose between price, percentage, or PnL-based targeting, just like during order placement.
After finalizing your parameters, click Confirm. Your risk controls are now active.
Modifying Active Take-Profit and Stop-Loss Orders
Market conditions evolve—your exit strategy should too. Adjusting your TP/SL orders allows you to lock in gains earlier, widen your stop to avoid premature exits, or reposition based on new data.
To edit:
- Click the Edit icon next to TP/SL in your open position.
In the pop-up window, you can:
- Change trigger prices
- Update limit prices (if using limit orders)
- Adjust quantities (only available in Partial Position mode)
- Click Confirm to apply changes.
This real-time adaptability helps traders stay aligned with shifting volatility and trend strength.
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Canceling Take-Profit and Stop-Loss Orders
There may come a time when you want to remove your automated exits—perhaps to let profits run or reassess your strategy manually.
To cancel:
- Click the Edit icon beside TP/SL.
Depending on your setup:
- For Entire Position: Click the Remove icon next to the trigger setting, then confirm.
- For Partial Position: Click Cancel on individual orders, or use Cancel All in the top-right corner to remove all partial TP/SL levels at once.
This gives you full control over when and how your automation is applied—or removed.
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Frequently Asked Questions (FAQ)
Q: What’s the difference between “entire position” and “partial position” TP/SL?
A: “Entire position” closes all open quantity when triggered, while “partial position” lets you set multiple targeted exits with specific sizes, allowing tiered profit-taking or dynamic risk adjustment.
Q: Can I use limit orders for stop-loss?
A: Yes, but be cautious—limit-based stop-loss orders aren’t guaranteed to execute if the market gaps past your limit price, potentially increasing losses during high volatility.
Q: Does changing my order size affect existing TP/SL levels?
A: Only before execution. Once filled, TP/SL must be edited separately. Size changes only sync pre-fill in most platforms.
Q: Why didn’t my take-profit execute even though price reached my level?
A: This can happen with limit orders if there wasn’t enough liquidity at your specified price. Market orders guarantee execution but not price precision.
Q: Can I have both take-profit and stop-loss active at the same time?
A: Absolutely. Most platforms allow simultaneous TP and SL setups, giving you both upside capture and downside protection in one position.
Q: Are TP/SL orders valid across trading sessions?
A: Yes, unless manually canceled or triggered, they remain active regardless of platform login status or session duration.
By mastering the setup, modification, and cancellation of take-profit and stop-loss orders, traders gain powerful tools for disciplined, emotion-free decision-making. Whether trading perpetual swaps or time-bound delivery contracts, integrating these features into your routine enhances both safety and strategic clarity.
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