How to set a moving stop profit in MEXC contract? Will it be automatically adjusted after triggering?

Setting a moving stop profit in MEXC contract trading is an advanced strategy that allows traders to protect their profits by automatically adjusting the stop price as the market moves in their favor. This feature is particularly useful for traders who want to lock in gains without constantly monitoring the market. In this article, we will guide you through the process of setting up a moving stop profit in MEXC and explain how it works once triggered.

Understanding Moving Stop Profit

A moving stop profit, also known as a trailing stop, is a type of order that adjusts the stop price at a fixed percentage or amount below the market price as the asset's price increases. This allows traders to secure profits while giving the position room to grow. Once the market price falls by the specified percentage or amount, the stop order is triggered, and the position is closed at the best available price.

Accessing the MEXC Contract Trading Platform

To begin setting up a moving stop profit on MEXC, you need to access the contract trading platform. Here's how you can do it:

• Log in to your MEXC account.
• Navigate to the 'Trade' section at the top of the page.
• Select 'USDT-M Perpetual' or 'Coin-M Perpetual' depending on the type of contract you wish to trade.
• Choose the specific contract pair you want to trade from the list provided.

Opening a Position

Before you can set a moving stop profit, you must first open a position. Here's how to do that:

• Select the contract pair you want to trade.
• Decide whether you want to go long (buy) or short (sell).
• Enter the amount you wish to trade.
• Set your leverage level.
• Click on 'Open Long' or 'Open Short' to initiate the trade.

Setting Up a Moving Stop Profit

Once your position is open, you can set up a moving stop profit. Follow these steps:

• Locate your open position in the 'Positions' tab.
• Click on the '...' (more options) button next to your position.
• Select 'Set Moving Stop Profit' from the dropdown menu.
• In the pop-up window, you will see options to set the 'Trigger Price' and the 'Trailing Percentage'.
• Enter the trigger price at which you want the moving stop profit to activate.
• Set the trailing percentage that will determine how closely the stop price follows the market price.
• Confirm your settings by clicking 'Confirm'.

How the Moving Stop Profit Works After Triggering

Once the market price reaches the trigger price you set, the moving stop profit order becomes active. Here's how it functions:

• As the market price increases, the stop price will move up by the trailing percentage you specified.
• If the market price drops by the trailing percentage from its highest point since the order was activated, the stop order will be triggered.
• For example, if you set a trailing percentage of 5% and the market price reaches $100, the stop price will be at $95. If the price then increases to $110, the stop price will move to $104.50 (5% below $110). If the price drops to $104.50 or below, the stop order will be executed.

Adjusting the Moving Stop Profit

You can adjust the moving stop profit settings at any time while the position is open. Here's how:

• Go back to the 'Positions' tab.
• Click on the '...' (more options) button next to your position.
• Select 'Edit Moving Stop Profit'.
• Modify the trigger price and trailing percentage as needed.
• Click 'Confirm' to save your changes.

Cancelling the Moving Stop Profit

If you decide you no longer want the moving stop profit to be active, you can cancel it. Here's how:

• Navigate to the 'Positions' tab.
• Click on the '...' (more options) button next to your position.
• Select 'Cancel Moving Stop Profit'.
• Confirm the cancellation by clicking 'Confirm'.

Monitoring Your Position

It's important to monitor your position even after setting a moving stop profit. Market conditions can change rapidly, and it's crucial to be aware of any significant movements that could affect your trade. You can use the MEXC platform's charting tools and real-time data to keep an eye on your position.

FAQs

Q: Can I set multiple moving stop profits on the same position in MEXC?

A: No, MEXC allows only one moving stop profit order per position. If you want to change the settings, you must cancel the existing order and set a new one.

Q: Does the moving stop profit work during high volatility periods?

A: Yes, the moving stop profit will continue to function during high volatility periods. However, the execution price may differ from the stop price due to slippage, especially in fast-moving markets.

Q: Can I use a moving stop profit with other order types on MEXC?

A: Yes, you can combine a moving stop profit with other order types like take profit orders. However, ensure that the settings of different orders do not conflict with each other.

Q: Is there a fee for using the moving stop profit feature on MEXC?

A: MEXC does not charge an additional fee for using the moving stop profit feature. However, standard trading fees will apply when the stop order is executed.