Take profit

Take profit tutorial

What is it?

Take Profit is a feature that allows you to close your position at specified profit levels, taking advantage of favorable market movements and protecting your profits from losses.

Take Profit will automatically execute 100% of the balance you acquired during the period the signal was active when your target profit is met.  

When to use it?

Take Profit is most effective on scalp signals or when you want to secure a quick profit on multi-target signals and move on your balance to the next signal.

During bear market periods it can be more effective to realize small profit amounts, instead of attempting to reach multiple profit targets with techniques like trailing take profit.

How does Anny operate the Take Profit?

Anny monitors the price of a given coin every second to find out if your target profit is reached.

Once Anny finds your target profit, she will automatically create an exit order to be executed in Binance.

Even when the trade is closed you can always re-activate it, create additional entry orders and keep the assets for a longer period. 

How can I set it up?

On Anny, go to the "Dashboard" tab, click "Signal groups", find the Signal provider group and click on Automation -> select Take Profit -> configure.

What are my options?

1. Goal type: define which target or profit percentage you would like to liquidate 100% of your balance.
   • Signal's target: you determine on which signal's target you would like to execute your balance and Anny will place an exit order when the target is met.
   • Profit percentage: you determine the profit percentage you would like to achieve. Anny will keep comparing your average entry price to the next open buy price on the bid to see if you can profit from the trade. 
2. Goal value: at what target or profit percentage you would like to liquidate your signal.
3. Order type
   • market or limit order
     Here are the pros and cons of both:
     
     
     • Market order:
       PRO: Secures the order execution and your profits are secured.
       CON: The price of the bid might be a little lower than the market price, so your end profit may be lower.
     • Limit order:
       PRO: Secures your target profit amount will be met as intended.
       CON: An order at a market price will be placed and enter the bookings waiting for a buyer, there's a chance that it will not execute.

Does Take Profit and Trailing Take Profit work together?

The Trailing Take Profit technique works in conjunction with the Take Profit but this takes precedence over the other.

Example 1: If you have Trailing Take Profit on and the Take Profit set for target 3, Trailing Take Profit will be effective on targets 1 and 2, when hitting target 3 the Take Profit will execute 100% of your balance.

Example 2: If you have Trailing Take Profit on and Take Profit set at 5% profit, Trailing Take Profit will be effective only until the desired profit is reached. When the target profit reaches the Take Profit will execute 100% of your balance.

Youtube video: Learn how the take profit works and how to set it up