Trailing Take Profit (TTP) is a dynamically changing order created to catch the rise and maximize profit as much as possible. TTP is designed to increase your profit by keeping a trade open as long as the price moves in your desired direction. The order is executed if the price hits the trailing profit level.
How to activate Trailing Take Profit?
The TTP feature is available only for spot trading and can be accessed on the Trading page. To create an order with TTP, head to the trading widget and select the type of order you need.
Step 1: Filling initial order parameters:
- Select the order type (Limit, Market, or Stop).
- Select the side (Buy or Sell).
- Set up your order details (Price and Amount or Total).
Step 2: Adjusting TTP settings
- Activate the Trailing Take Profit option.
- Enter the Target price. This is where the TTP should be placed initially and filled if the price falls or rises to that level.
- Enter the Trigger price. This is when TTP should become active. The price should hit this level to place TTP at the Target price.
- Specify the Trailing step. Enter the price step percentage (%) to define how often TTP should be moved to follow the price. For example, the trailing step of 0.5% means that TTP will be moved each time the price moves by 0.5%.
- Optional: Activate extra features such as Take Profit, Stop Loss, etc.
- When ready, click the [Buy/Sell ...] button to place your Smart order.
Note
When choosing a Buy order, TTP will trail upwards. If selecting a Sell-side, the TTP order will trail downwards.
View and manage your open orders with Trailing Take Profit
Once you place the order, it will be converted to an SL/TP type in the "Open orders" tab. From there, you can modify the SL, TTP, and TP levels. To do so, click on the pencil icon.
Enable, disable, or adjust TP, TTP, and SL. Once all the changes have been made, click [Save].
When the order is filled, you will receive a notification on the platform about successful order execution. The order will be moved from the "Open orders" tab to Positions.
You may check your notifications on the Portfolio page or by clicking on the Bell icon located next to your profile icon.
Specifications of orders with Trailing Take Profit
The Trailing step cannot be lower than 0.2% and higher than 200%. If it's set at 5%, trailing will be triggered every 5% and move the open order by 5% down or up from the previous position.
Tip
If you do not want to miss a single move, then you can set the Trailing step to a minimum of 0.2% - this will increase the frequency when trailing should move the order.
Before TTP gets triggered, your Target Price (the price of execution) will be grey.
Once the price hits the Trigger Price, your Target Price will become green (activated) and the Trigger Price level will be removed from the chart.
When the Trailing Take Profit can be used
We would like to highlight the two most important use cases where the TTP feature comes in handy.
Combining Take Profit with Trailing Take Profit
The 1st use for TTP is adding it to your order, which will sell your position in portions, distribute the amount between your Take Profit orders, and leave some coins for maximizing gains with TTP.
TTP will sell your coins will be sold at the best possible price by following the price upwards or downwards (depending on the chosen side). In the example below, the Take Profit orders sell a fixed amount of coins at the specified prices and then leave the rest for TTP to accumulate profit as the price continues to increase. This will allow you to maximize the potential profit by allowing trailing to move your Trailing Take Profit and then execute it when the price drawbacks.
Besides, many users used to move their Stop-Loss order manually or change its position and activate the trailing option. Now you are able to do both, set Trailing Take Profit and Trailing Stop-Loss.
Buy the dip, sell the tip
Adding TTP to your Trailing Stop-Market buy order can give you an advantage of better entry and exit prices. The Stop-Market with activated Trailing will move the entry order as the price falls and execute when the trend reversal happens.
After that, Trailing Take Profit will follow the price on the rise and execute the sell order when the drawback takes place. This setup allows you to purchase the coin at the best price possible when the rally begins and sell it at the top when the price starts to fall.
What's Next
- Learn More About Stop-Market Orders: Understand how Stop-Market Orders can help you execute trades automatically once a specific price level is reached.
- Try Our Bots: Launch Your First Bot Today: Experience automated trading by setting up your first bot on Bitsgap and unlocking new trading possibilities.
Need Assistance?
If you encounter any issues or have questions, don’t hesitate to contact the Bitsgap Customer Support Team.