Stop Loss and Take Profit for Manual Futures Trading

This article will guide you in effectively handling potential risks that come with trading futures and setting Take Profit (TP) and Stop Loss (SL) for manual futures positions.

The Take Profit and Stop Loss orders are designed to automatically close your current position when a certain PNL level is reached. This ensures that you exit the market under favorable conditions, whether that be to lock in some profit or to limit potential loss.

How to enable Take Profit or Stop Loss for your positions?

Open the Trading page and switch to the Positions widget. Here, you can see your futures positions and set or change Take Profit or Stop Loss for them.

Note
You can enable Take Profit and Stop Loss via the trading terminal only for manually opened positions. It is not possible to modify TP/SL for positions that were opened by your active Futures bots. You can change their exit conditions directly in the bot’s settings.
However, if you close your Futures bot and keep its position active (select the “Keep position” option), then you can enable and modify TP/SL for it via the Positions widget:

2. Click Add in the TP/SL column next to your position.

In the pop-up window, you can check the details of your current position and set up Take Profit or Stop Loss for it:

Here, you can see the futures contract ticker with the position leverage, your Entry and Mark prices.

Entry price is the price at which the futures contract was opened.
Mark price shows the estimated true value of the contract.

Below you will find two sections where you can set up Take Profit and Stop Loss and check their potential PNL. To configure TP or SL, you can choose:

The price it will be calculated from (Last Price or Mark Price),
Setting an absolute or percentage TP/SL value.

Last Price is the latest trade price of a futures contract. Last Price provides real-time information on recent trades. However, price manipulation and lack of liquidity can cause its abnormal fluctuations.

For a more stable price structure, you can use Mark Price.

Mark Price is the estimated true value of a contract. For example: on Binance Futures, the Mark Price of a contract is determined by several factors. This balances and smoothes out extreme price fluctuations during high volatility.

3. Once you’ve entered the Take Profit or Stop Loss details, double-check your settings and click [Confirm] to place the TP or SL order.

How to modify active Take Profit and Stop Loss order?

To edit an active TP or SL position, click on the pencil icon in the TP/SL column. A window will pop up allowing you to change the current TP/SL value, delete it, or set a new level:

After clicking on the [Confirm] button, the system will display corresponding notifications. The price for TP or SL will change in the Positions widget:

Note
You can also adjust TP and SL orders by moving their levels in the chart and confirming the changes or delete them completely by clicking on the cross sign.

What if I add Take Profit and Stop Loss on the exchange directly?

Depending on the method you use to activate Take Profit (TP) and Stop Loss (SL) on the exchange, our system will identify these orders differently. Let’s explore some examples of how you can set up Take Profit and Stop Loss for your position on Binance Futures.

Activating a TP/SL order through the “TP/SL for Position” option

If you set Take Profit or Stop Loss via the “TP/SL for position” option, these orders become directly linked to your specific position. This means that you cannot add an additional TP or SL through our platform for the same position.

However, you can edit or delete exchange-based TP/SL orders from Bitsgap. To do this, click on the pencil icon in the TP/SL column or adjust and close the order directly from the chart interface:

Placing single or multiple TP/SL orders through the TP/SL Column

Exchanges, including Binance Futures, offer an option to set up multiple Take Profit and Stop Loss orders for the partial closing of a position. This can be done through the TP/SL column:

When you create TP or SL orders using this method, our system recognizes them as individual, standalone orders. These orders are not directly related to your futures position. You can view and cancel orders under the “Open orders” tab. However, it is important to note that these orders cannot be modified through our platform.

If you set additional TP or SL orders via Bitsgap, the previously created exchange TP or SL orders will remain active. This means you will have both exchange-based partial or full TP or SL orders and Bitsgap TP or SL orders for your entire position:

Take Profit and Stop Loss are important risk management tools that help to minimize potential losses and maximize profits. Understanding how to use those tools on the Bitsgap platform when trading futures manually allows you to manage risk more effectively and increase the success of your trading operations.

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