In this article, you will learn what the Take Profit in a trading bot is and how to configure it in the best way.
Take Profit explained
The Take Profit is an order designed for the purpose of managing 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 the Total PNL (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 the Total PNL (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 the Total PNL (In BTC) becomes +15%, the bot will close all orders, sell the remaining ETH, and will be moved to the History tab.
The 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 activate 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 in the Manual Adjustment section and enter the % value.
Take Profit for active bot
To activate Take profit for an active bot, select the bot you need, it will be highlighted in blue. In the panel on the right, where you can see detailed information about the bot's performance, as well as change some settings, the "Modify" button will appear.
By clicking on this button, you can enable the Take Profit function and set the parameters you need. In the settings, enter the % value, and then click [Continue].
You can then take another look at all your settings before confirming them. To confirm the changes, click the "Confirm" button.
When choosing the % value as your Take Profit, please be aware that it will be executed when your Total PNL's value in the quote currency matches 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 😎