HashKey Global offers two types of take profit and stop loss modes for users:
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Position Take Profit and Stop Loss
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Entry Take Profit and Stop Loss
Position Take Profit and Stop Loss:
This mode allows users to set take profit and stop loss for their current positions, which acts as a close order.
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You only need to set the trigger price and the corresponding trigger price type; there is no need to specify the quantity.
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When triggered, the entire quantity of the current position will be closed at market price. If there are existing close orders, those will be canceled, and the entire quantity will be closed at market price. If some orders fail to cancel due to exceptions, the maximum quantity that can be closed at market price will be executed.
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Only one take profit and one stop loss order can be set for each position.
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Note: The system monitors the position to place profit and stop-loss orders. If the position no longer exists, the system automatically cancels the corresponding take-profit and stop-loss orders.
Entry Take Profit and Stop Loss:
This feature allows users to set the entry price, take profit price, and stop loss price before opening a position. There is no need to monitor whether the position is filled constantly. Once the order is filled, the system will automatically set the take profit and stop loss for this position, thus securing profits or mitigating risks.
Main Differences between Position Take Profit and Stop Loss and Entry Take Profit and Stop Loss:
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Difference
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Position Take Profit and Stop Loss
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Entry Take Profit and Stop Loss
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Set timing
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Set after having a position
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Set before opening a position
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Lock Position
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Position Take Profit and Stop Loss: Yes, the order quantity changes with the position size changes and closes the entire position.
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Entry Take Profit and Stop Loss: No, the order quantity does not change with the position size changes and triggers closing based on the initial entry quantity.
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Support Limit Price
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Position Take Profit and Stop Loss: No, defaults to closing the entire position at market price.
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Entry Take Profit and Stop Loss: Yes, limit price and market price options are available.
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Order Status
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Position Take Profit and Stop Loss: After setting, the take profit and stop loss orders are directly created.
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Entry Take Profit and Stop Loss: If the entry order is filled, the take profit and stop loss orders are automatically created. If the entry order is still pending, the take profit and stop loss orders will not be created and will not be shown in the order list as they are not yet effective.
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Comments
1 comment
Nice lesson
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