Does OYi Contract support stop-profit and stop-loss orders? How to set it up?

Employing OYi Contract's stop-profit and stop-loss orders, traders can optimize risk management and secure profits by automating the execution of trades based on predetermined price targets and thresholds.

Jan 25, 2025 at 02:30 am

Key Points:

• OYi Contract supports stop-profit and stop-loss orders, allowing traders to automate risk management and secure profits.
• Stop-profit orders execute trades when the price reaches a predetermined profit target.
• Stop-loss orders protect against losses by closing positions when the price falls below a specified threshold.
• Setting up stop-profit and stop-loss orders is straightforward and can be completed in a few simple steps.

Detailed Steps:

1. Understand Stop-Profit and Stop-Loss Orders

• Stop-Profit Order: Executes a trade when the price reaches a predetermined profit target, locking in realized gains.
• Stop-Loss Order: Closes a position when the price falls below a specified threshold, protecting against potential losses.

2. Access the OYi Contract Trading Platform

• Log in to your OYi Contract account and navigate to the trading interface.
• Select the desired trading pair and trading mode (e.g., spot, margin).

3. Create a New Order

• Click on the "Create Order" button and select the "Limit" order type.
• Specify the contract size, order price, and order quantity.

4. Set Stop-Profit and Stop-Loss Price Levels

• Scroll down to the "Stop Profit" and "Stop Loss" sections.
• Enter the desired profit target price for your stop-profit order and the loss limit for your stop-loss order.

5. Adjust Additional Settings (Optional)

• Trigger Type: Select the trigger condition for the stop-profit and stop-loss orders, such as "Last Price" or "Mark Price."
• Margin for Stop-Loss: Specify the margin amount allocated for the stop-loss order, ensuring sufficient funds to cover potential losses.

6. Confirm and Submit the Order

• Review the order details carefully to ensure accuracy.
• If satisfied, click on the "Submit Order" button to execute the order.

7. Monitor and Manage Your Orders

• The platform will automatically monitor the market and execute the stop-profit or stop-loss order when the specified price levels are reached.
• You can view and manage your open orders in the "Orders" section of the trading interface.

FAQs:

Q1. What are the benefits of using stop-profit and stop-loss orders?
A1. Stop-profit orders lock in realized gains by automatically selling your position when the price reaches a predetermined profit target. Stop-loss orders protect against potential losses by closing your position when the price falls below a specified threshold, limiting downside risk.

Q2. How do I adjust the price levels for my stop-profit and stop-loss orders?
A2. After creating an order, navigate to the "My Orders" section of the trading interface. Select the desired order and click on the "Edit" button. Adjust the stop-profit and stop-loss price levels as needed and click on the "Update" button to save the changes.

Q3. What happens if the stop-profit and stop-loss orders are not executed?
A3. Stop-profit and stop-loss orders are subject to market conditions and may not be executed at the exact price you specify. They may be executed at a slightly better or worse price, depending on the liquidity of the market.