In this article, you will learn what is the Take Profit in a trading bot and how to configure it in the best way.
Take Profit explained
The Take Profit is an order designed for the purpose to manage your risks where the system stops the bot and sells all the base currency used in open orders when the specified Take Profit condition is met:
Once “Current Funds” (in Quote currency) of the active bot reaches a specified profit percentage that you set in a Take Profit parameter, the bot stops trading by selling all of the base currency used in open orders.
👋 Example #1: You have an active bot trading on ETH/USDT, and you set the Take profit at 15%. As soon as Current Funds (In USDT) becomes +15%, the bot will close all orders, sell the remaining ETH, and then will be moved to the History tab.
👋 Example #2: You have an active bot trading on ETH/BTC, and you set your Take profit at 15%. As soon as Current Funds (In BTC) becomes +15%, the bot will close all orders, sell the remaining ETH, and will be moved to the History tab.
Take profit is the ultimate solution to lock in returns whenever you need. Define your investment goal and set the Take profit in accordance with it.
How to active Take Profit
The Take Profit is available only for the Pro plan. There are two options on how to activate the Take Profit feature for your bot.
Take Profit for new bot
To activate the Take Profit for your new bot, please toggle on the Take Profit option and enter the % value.
Take Profit for active bot
To active the Take Profit for your active bot, please click on the "Stats" icon. This will open a new window where you can see the detailed information about the bot's performance, and also change some settings.
In the settings, please enter the % value and then click [Modify] to confirm changes.
When choosing the % value as your Take Profit, please be aware that it will be executed when your Current funds value in the quote currency (in our example USDT) will match the Take Profit conditions. Other system currencies will be ignored for the Take Profit execution.
That's it! Now your bot has the Take Profit feature enabled and it will secure your profit opportunities as soon as the condition is met 😎