How to set up stop-profit and stop-loss for contract trading on CoinEx?

What Are Stop-Profit and Stop-Loss in Contract Trading?

In contract trading, stop-profit and stop-loss are risk management tools that allow traders to automatically close positions when the price reaches a predefined level. These features help protect profits and limit potential losses without requiring constant monitoring of market conditions. On platforms like CoinEx, these orders can be set directly within the futures or perpetual contract interface. Understanding how they function is essential before proceeding with the actual setup steps.

Navigating the CoinEx Contract Interface

To begin setting up stop-profit and stop-loss orders, log into your CoinEx account and navigate to the 'Futures' section. Once there, select the specific contract pair you're interested in trading, such as BTC/USDT or ETH/USDT. In the trading interface, locate the order panel on the right-hand side. You should see options for placing market orders, limit orders, and advanced order types. Click on the “Advanced” tab or look for the “Take Profit / Stop Loss” section, which may be labeled differently depending on the platform's UI updates.

• Ensure your trading interface is set to contract mode (isolated or cross margin).
• Verify that you are in the correct position direction (long or short).
• Confirm that your account has sufficient margin to support the trade.

Setting Up Stop-Loss on CoinEx Contracts

To configure a stop-loss, first, decide whether you want to place it as a limit order or a market order. A stop-loss limit sets a specific trigger price but only executes at your specified limit price or better, while a stop-loss market triggers at the specified price and executes immediately at the best available rate.

• Open the order form under the contract trading interface.
• Under the “Stop Loss” section, toggle it on.
• Enter the trigger price based on your strategy—this could be a percentage away from entry or a fixed value.
• Choose between “Market” or “Limit” execution type.
• If using “Limit,” input the execution price at which you want the order to be placed after triggering.

Once configured, the system will monitor the price and execute the stop-loss once the condition is met.

Configuring Take Profit (Stop-Profit) on CoinEx

The take profit function works similarly to stop-loss but focuses on securing gains rather than limiting losses. To enable take profit:

• Locate the “Take Profit” section in the same order panel.
• Toggle it on.
• Set the target price where you want your position to close partially or fully.
• Choose between “Market” or “Limit” execution method.
• If choosing “Limit,” specify the exact price at which the order will be submitted upon reaching the target.

You can also set multiple levels of take profit if supported by the platform, allowing partial exits at different price points. This helps lock in profits incrementally as the market moves in your favor.

Modifying or Canceling Stop-Profit and Stop-Loss Orders

After placing your stop-profit and stop-loss orders, you might need to adjust them based on new information or changing market conditions. To modify or cancel existing conditional orders:

• Go to the “Positions” tab in the futures section.
• Find the active position associated with the stop orders.
• Click the “Edit” button next to the order details.
• Adjust the trigger price, execution type, or remove the order entirely.
• Confirm the changes or cancellation via email or two-factor authentication if prompted.

Keep in mind that once a stop order is triggered, it becomes a market or limit order and cannot be canceled unless it hasn't been filled yet.

Frequently Asked Questions

Q: Can I set both stop-loss and take profit on the same trade?Yes, CoinEx allows users to set both stop-loss and take profit simultaneously when placing a futures contract trade. Both can be adjusted independently after placement.

Q: Do stop-loss and take profit work when my device is offline?Yes, once set, these orders operate on the server side. They remain active even if you log out or disconnect from the internet.

Q: Why didn’t my stop-loss trigger during a sharp market drop?This could happen due to slippage or gaps in liquidity. If the price drops sharply past your trigger level, the stop-loss market order will execute at the next available price, which might be worse than expected.

Q: Can I use stop-profit and stop-loss with leverage?Absolutely. These features are fully compatible with leveraged trades on CoinEx Futures. However, higher leverage increases the risk of liquidation, so proper settings are crucial.