How to set Take Profit for coins I already hold?

You can easily setup take profit orders for coins you already own in your exchange without having to login to your exchange.

You can do this using your simple profibot interface under the Trade - Place Order form.

In this article i will show how simple it is to setup a Take Profit order for an existing coin you hold.

I hold some BTC in my Binance exchange and i am setting a Take Profit for a portion of my BTC held.

You have two Take Profit options you can use:

1. Profit Limit
2. Profit Market

Click Trade on the left Menu.

1. Profit Limit

Select Place Order Tab and click on "SELL". Then select Profit Limit from the drop down menu.

You will be presented with a form that has the following fields:

• Trigger Price
• Price
• Amount

A Profit-limit order consists of Trigger Price and Limit Price. The trigger price is simply the price that triggers a limit order, and the limit price is the specific price of the limit order that triggers the Take profit to be placed on the order books. This means that once your trigger price has been reached, your limit order will be immediately placed on the order book.

Although the trigger and limit prices can be the same, this is not a recommended. It is recommended that your limit Price is slightly higher than your trigger price. 

Sometimes you would face a situation where the price drops too fast after the trigger has reached, and your Profit-limit order is never executed. To avoid this situation you can consider using Profit-Market orders.

Please see an example Profit Limit Order below

2. Profit Market

Profit Market is similar to Profit Limit, with the only difference being that once the Trigger Price has reached the order will be placed at the current Market Price. This will mean you will avoid any situations where your limit price is skipped over due to fast market movements that may happen during a dump.

You can place a Profit Market order by selecting the Profit Market option in the drop down as shown below.

Placing a Profit Market order is simple. You will have to only fill the Trigger Price and the amount as the sale will occur at the market price.

Take-profit-market orders do not block the coin balance, therefore you can use them to create as many orders as you like. These orders will simply trigger a market order when the price is reached.