How to set stop profit in Dubai OKX contract

Traders in Dubai can protect their profits and minimize losses through setting stop profit in their OKX contract, thereby ensuring proper risk management in volatile market conditions.

Oct 21, 2024 at 10:05 am

How to Set Stop Profit in Dubai OKX Contract

Setting stop profit in Dubai OKX contract is a crucial risk management strategy that helps traders protect their profits and minimize losses. Here's a step-by-step guide on how to set stop profit in OKX contract:

1. Login to your OKX account: Visit OKX's website and log in to your account using your credentials.
2. Navigate to the Contract Trading Platform: Click on "Contracts" from the top menu to access the Contract Trading Platform.
3. Select the Contract: On the Contract Trading Platform, select the perpetual contract for which you want to set stop profit (e.g., BTCUSDT).

4. Enter Order Details: In the Order Form, enter the following details:

   • Position: Select "Long" or "Short" based on your trade direction.
   • Quantity: Specify the number of contracts you want to trade.
   • TP (Trigger Price): Enter the price at which you want to take profit.
   • TP Plan: Choose "Reduce Only" if you want to reduce your position while placing a stop profit order; "Close Only" if you want to close your entire position upon hitting the stop profit price.
5. Confirm the Order: Review the order details carefully and click on "Place Order" to execute the stop profit order.

Once your stop profit order is active, it will remain in place until either:

• The trigger price is reached: At this point, your stop profit order will be executed, taking profit based on the TP Plan you selected.
• You cancel the order: You can cancel your stop profit order at any time before it is executed.

Example:

Suppose you have a long position of 5 BTCUSDT contracts with an entry price of $20,000. You want to set a stop profit order to take profit if the price reaches $22,000. Follow these steps:

1. Select "Long" position, enter "5" in the Quantity field, and specify "22000" as the TP (Trigger Price).
2. Choose "Reduce Only" for the TP Plan if you want to partially take profit and keep the remaining position open.
3. Click on "Place Order" to execute the stop profit order.

Now, if the price of BTCUSDT rises to $22,000, your stop profit order will be triggered, taking profit on a portion or all of your position as per the TP Plan you selected.