{"id":4195,"date":"2022-11-12T21:34:09","date_gmt":"2022-11-12T16:04:09","guid":{"rendered":"https:\/\/www.trailingcrypto.com\/support\/?post_type=article&#038;p=4195"},"modified":"2022-12-25T18:45:26","modified_gmt":"2022-12-25T13:15:26","slug":"how-to-use-a-take-profit-order-as-a-pro","status":"publish","type":"article","link":"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro","title":{"rendered":"How to use a Take Profit Order as a Pro?"},"content":{"rendered":"\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a143c9be449d\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a143c9be449d\"  aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro\/#Want_to_take_your_trading_to_next_level_Set_a_Take_Profit_order\" >Want to take your trading to next level? Set a Take Profit order!<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro\/#What_is_a_Take_Profit_order\" >What is a Take Profit order?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro\/#How_can_one_place_Take_Profit_order_at_Growlonix\" >How can one place Take Profit order at Growlonix?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro\/#Expert_advice_for_the_traders_while_placing_a_TP_order\" >Expert advice for the traders while placing a T\/P order<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 style=\"font-size:32px;\"><span class=\"ez-toc-section\" id=\"Want_to_take_your_trading_to_next_level_Set_a_Take_Profit_order\"><\/span>Want to take your trading to next level? Set a Take Profit order!<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Investing in cryptocurrencies has become a hot discussion topic among investors these days. From the introduction of Bitcoin to the huge popularity of Bitcoin and other cryptocurrencies, the crypto world has enjoyed a lot of inclusions, automated tools, and much more. The mass adoption of crypto trading has given rise to different order types, trading bots, signals, and many other options.&nbsp;<\/p>\n\n\n\n<p>With the rise of the crypto trading world, there has been a surge in demand from crypto traders to include these options on popular exchanges. This includes different order types where you have greater control over your investments, and allows you to decide your buying and selling options.<\/p>\n\n\n\n<p>As one of the popular crypto trading platforms, Growlonix allows its traders to use different order types like market order, sell order, limit order, and more successfully. We support more than 17 exchanges and advanced order types to let traders earn good profits. There are various applications and strategies in cryptocurrency trading used by the traders and here we are introducing <a href=\"https:\/\/www.Growlonix.com\/support\/article\/take-profit\">Take Profit order<\/a> and how to use it effectively.<\/p>\n\n\n\n<h2 style=\"font-size:32px;\"><span class=\"ez-toc-section\" id=\"What_is_a_Take_Profit_order\"><\/span>What is a Take Profit order?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Take Profit (T\/P) order is a special type of order which traders can use to close the trade. This order type makes the trading results more profitable. A T\/P order is a standing order which is used to sell a crypto asset once it reaches the preset price. Selling at this level ensures that the trader will earn a profit on his trade.<\/p>\n\n\n\n<p>T\/P strategies are gaining popularity among traders who place short-term trades. &nbsp;This order closes the open position for a profit whenever it reaches the predetermined price\/value of profit. Setting a take profit at Growlonix allows its traders to place trades automatically. There are different strategies which traders can adopt with T\/P orders like support and resistance, daily range levels, risk reward ratio, chart patterns, etc.<\/p>\n\n\n\n<p>The profit price in T\/P order can be set in terms of absolute price or the percentage. These orders can be used to open positions. Apart from this, Take Profit orders guarantee that the full volume will be executed, with the risk of possible market price slippage.<\/p>\n\n\n\n<h3 style=\"font-size:32px;\"><span class=\"ez-toc-section\" id=\"How_can_one_place_Take_Profit_order_at_Growlonix\"><\/span>How can one place Take Profit order at Growlonix?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<ul class=\"wp-block-list\"><li>First, you have to create an account on Growlonix and login<\/li><li>Now enter your API key and secret keys on the settings page<\/li><li>Select exchange (Binance, Kraken, Coinbase Pro, etc.) from the drop-down menu available on the left<\/li><li>Select Take Profit\/Take Profit Limit order<\/li><li>Select base and quote coin. Say, BTC\/LTC<\/li><li>Select the number of coins you want to sell for profit. Note: The quantity could be in a fraction too<\/li><li>Click on the drop-down menu near Take Profit. The options available here are market\/limit\/trailing orders. Selection of option means that if the market price rises to the set stop value, the order will be executed as Limit sell, market sell, or the trailing stop sell order<\/li><\/ul>\n\n\n\n<p>Important Note: Always make sure that the stop value is higher than the current bid price<\/p>\n\n\n\n<p>So, this was about how to set Take profit order on Growlonix. Now let\u2019s move further to some examples of T\/P order and how it works?<\/p>\n\n\n\n<p><strong>Example:<\/strong><\/p>\n\n\n\n<p>&nbsp;Let\u2019s say Mr. X buys BTC at $10,000, and puts take profit +10% which means, he has created an order to sell BTC at a price of $11,000.<\/p>\n\n\n\n<p>For some time, BTC has traded within the range of $10,000, and then continued to grow.&nbsp; Upon reaching $11,000 or above, your pending order with take profit +10% will be filled, and the system will close the trade with a sell order.<\/p>\n\n\n\n<p>Here your total profit comes out as $1000.<\/p>\n\n\n\n<p>So, Take Profit order is a kind of pending order that is used to close a profitable position once it reaches the specified price.<\/p>\n\n\n\n<p><strong>Another example:<\/strong><\/p>\n\n\n\n<p>Suppose a trader goes long i.e. enters a buy position by entering the market at 1.2880, expecting the price to rally higher. Now, he wants to benefit from the rise. So, here he places a Take Profit order at a level higher than the entry price, say at 13.280. If the stock price hits the predefined Take Profit price, the position will be closed and the profits are locked in.<\/p>\n\n\n\n<p>On the other side, if the trader enters a sell position expecting that the prices for the asset will fall, he places a Take Profit order at a lower level from the entry price. Let\u2019s say, he has entered the market at the same price 12.880. Now, he decides to place a Take profit order at 12.780. If the stock price hits to the level of 12.780, the position is closed.<\/p>\n\n\n\n<p>Take profit orders are also termed as stop loss orders.<\/p>\n\n\n\n<h3 style=\"font-size:32px;\"><span class=\"ez-toc-section\" id=\"Expert_advice_for_the_traders_while_placing_a_TP_order\"><\/span>Expert advice for the traders while placing a T\/P order<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>There might be times, even if a trader places a good T\/P order, he\/she loses the trade.<\/p>\n\n\n\n<p>Why does this happen at times?<\/p>\n\n\n\n<p>Is it possible?<\/p>\n\n\n\n<p>Of course, Yes! So, it is recommended to follow your strategy and avoid the mistakes which may lead to losses.<\/p>\n\n\n\n<p>Let\u2019s have a look at some of these:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Don\u2019t move Take Profit closer to the entry price half-way during the trade.<\/li><li>Have an algorithm of market analysis. Be careful.<\/li><li>Don\u2019t close a position too early.<\/li><li>Don\u2019t make predictions based on short-term charts. This may lead to wrong decisions.<\/li><li>Make predictions based on technical and fundamental analysis. Otherwise, you may lose.<\/li><li>Not appropriate for long-term traders who are willing to tolerate more ups and downs.<\/li><\/ul>\n\n\n\n<p><strong>Now the question is how to set a T\/P order?<\/strong><\/p>\n\n\n\n<p>This is a common query among traders. While there is no written rule about this, the expert traders use multiple approaches. Let\u2019s have a look at them.<\/p>\n\n\n\n<p><strong>Use your risk\/reward ratio<\/strong><\/p>\n\n\n\n<p>One of the best approaches to place a T\/P order is to use your risk to reward ratio to set take profit.&nbsp; For example, if you only risk 10% of your cash, then it\u2019s better to set your T\/P 10% above the current price.<\/p>\n\n\n\n<p>This might be a small level, but keep in mind that it is a 10% return on your trade.<\/p>\n\n\n\n<p><strong>Fibonacci retracement<\/strong><\/p>\n\n\n\n<p>Another approach to place a <a href=\"https:\/\/Growlonix.medium.com\/how-take-profit-and-trailing-take-profit-work-which-is-a-better-way-to-increase-profits-6008e178449b\">take profit order<\/a> is to use the Fibonacci retracement level. The popular Fibonacci retracement levels are 23.6% and 38.2% in crypto which are used to identify the turning points. If the price of any asset is trading at $20 which is the 23.6% retracement, you can add Take Profit at 38.2% at $24. \u00a0In most cases, when a price moves above 23.6%, there are higher chances that it will test 38.6%. And, therefore, you can set the T\/P level here.<\/p>\n\n\n\n<p>Further, you may use the key psychological level.&nbsp; How? Let\u2019s say the price of an asset is trading at $63 and it manages to go above $65, the next logical level of resistance is $70. So, here also you may set the T\/P level.<\/p>\n\n\n\n<p>Growlonix provides the best crypto trading signals to its traders which help them to place their trades successfully using the right tools and order types.<\/p>\n\n\n\n<p><strong>When should I use T\/P order?<\/strong><\/p>\n\n\n\n<p>T\/P order is best used with the short-term strategy. You may exit the trade as soon as you hit your profit target, without letting your gains slip away.<\/p>\n\n\n\n<p><strong>Conclusion<\/strong><\/p>\n\n\n\n<p>So, you can\u2019t avoid Take Profit orders to maximize your gains and reduce your losses. Use crypto signals provided by Growlonix and earn smartly.&nbsp; As soon as you receive a signal, set it smartly to your trade to control your gains and losses.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Want to take your trading to next level? Set a Take Profit order! Investing in cryptocurrencies has become a hot discussion topic among investors these days. From the introduction of Bitcoin to the huge popularity of Bitcoin and other cryptocurrencies, the crypto world has enjoyed a lot of inclusions, automated tools, and much more. The [&hellip;]<\/p>\n","protected":false},"author":3474,"featured_media":0,"menu_order":0,"comment_status":"open","ping_status":"closed","template":"","format":"standard","article-category":[35],"article-tag":[177,181],"class_list":["post-4195","article","type-article","status-publish","format-standard","hentry","article-category-getting-started","article-tag-crypto-trading-bot","article-tag-take-profit-order"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>How to use a Take Profit Order as a Pro? - TrailingCrypto<\/title>\n<meta name=\"description\" content=\"As one of the popular crypto trading platforms, TrailingCrypto allows its traders to use different order types like sell order, limit order.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How to use a Take Profit Order as a Pro? - TrailingCrypto\" \/>\n<meta property=\"og:description\" content=\"As one of the popular crypto trading platforms, TrailingCrypto allows its traders to use different order types like sell order, limit order.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro\" \/>\n<meta property=\"og:site_name\" content=\"Growlonix\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/growlonix\/\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-25T13:15:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.growlonix.com\/support\/wp-content\/uploads\/2023\/11\/frame_generic_light.png\" \/>\n\t<meta property=\"og:image:width\" content=\"2011\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@growlonix\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"How to use a Take Profit Order as a Pro? - TrailingCrypto","description":"As one of the popular crypto trading platforms, TrailingCrypto allows its traders to use different order types like sell order, limit order.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro","og_locale":"en_US","og_type":"article","og_title":"How to use a Take Profit Order as a Pro? - TrailingCrypto","og_description":"As one of the popular crypto trading platforms, TrailingCrypto allows its traders to use different order types like sell order, limit order.","og_url":"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro","og_site_name":"Growlonix","article_publisher":"https:\/\/www.facebook.com\/growlonix\/","article_modified_time":"2022-12-25T13:15:26+00:00","og_image":[{"width":2011,"height":1024,"url":"https:\/\/www.growlonix.com\/support\/wp-content\/uploads\/2023\/11\/frame_generic_light.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_site":"@growlonix","twitter_misc":{"Est. reading time":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro","url":"https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro","name":"How to use a Take Profit Order as a Pro? - TrailingCrypto","isPartOf":{"@id":"https:\/\/www.growlonix.com\/support\/#website"},"datePublished":"2022-11-12T16:04:09+00:00","dateModified":"2022-12-25T13:15:26+00:00","description":"As one of the popular crypto trading platforms, TrailingCrypto allows its traders to use different order types like sell order, limit order.","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.growlonix.com\/support\/article\/how-to-use-a-take-profit-order-as-a-pro"]}]},{"@type":"WebSite","@id":"https:\/\/www.growlonix.com\/support\/#website","url":"https:\/\/www.growlonix.com\/support\/","name":"Growlonix","description":"Best Crypto Trading Bots &amp; Terminal","publisher":{"@id":"https:\/\/www.growlonix.com\/support\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.growlonix.com\/support\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.growlonix.com\/support\/#organization","name":"Growlonix","url":"https:\/\/www.growlonix.com\/support\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.growlonix.com\/support\/#\/schema\/logo\/image\/","url":"https:\/\/support.growlonix.com\/wp-content\/uploads\/2023\/11\/Group-44.png","contentUrl":"https:\/\/support.growlonix.com\/wp-content\/uploads\/2023\/11\/Group-44.png","width":8085,"height":1833,"caption":"Growlonix"},"image":{"@id":"https:\/\/www.growlonix.com\/support\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/growlonix\/","https:\/\/x.com\/growlonix","https:\/\/www.youtube.com\/@growlonix"]}]}},"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false,"nice-template-blog":false,"nice-single-post":false,"nice-template-masonry-blog":false,"nice-template-search":false},"uagb_author_info":{"display_name":"Utpal","author_link":"https:\/\/www.growlonix.com\/support\/author\/utpal"},"uagb_comment_info":0,"uagb_excerpt":"Want to take your trading to next level? Set a Take Profit order! Investing in cryptocurrencies has become a hot discussion topic among investors these days. From the introduction of Bitcoin to the huge popularity of Bitcoin and other cryptocurrencies, the crypto world has enjoyed a lot of inclusions, automated tools, and much more. The&hellip;","_links":{"self":[{"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/article\/4195","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/article"}],"about":[{"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/types\/article"}],"author":[{"embeddable":true,"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/users\/3474"}],"replies":[{"embeddable":true,"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/comments?post=4195"}],"version-history":[{"count":3,"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/article\/4195\/revisions"}],"predecessor-version":[{"id":4223,"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/article\/4195\/revisions\/4223"}],"wp:attachment":[{"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/media?parent=4195"}],"wp:term":[{"taxonomy":"article-category","embeddable":true,"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/article-category?post=4195"},{"taxonomy":"article-tag","embeddable":true,"href":"https:\/\/www.growlonix.com\/support\/wp-json\/wp\/v2\/article-tag?post=4195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}