Take profit tutorial
Take Profit is a powerful feature offered by Anny that allows you to close your position at specified profit levels, ensuring that you can secure your gains and protect your profits from potential losses.
Take Profit enables you to automatically execute 100% of the balance you acquired during the period the signal was active once your target profit is met. It helps you capitalize on favorable market movements and lock in your profits.
When to use Take Profit:
Take Profit is particularly effective when trading scalp signals or when you want to secure quick profits on multi-target signals. It allows you to capitalize on favorable market movements and move on to the next trading opportunity.
During bear market periods, it may be more beneficial to realize small profit amounts rather than attempting to reach multiple profit targets using techniques like trailing take profit.
How Take Profit works:
Anny constantly monitors the price of a given coin to determine if your target profit is reached. Once your target profit is met, Anny automatically creates an exit order to be executed on the exchange.
Even after the trade is closed, you can always reactivate it, create additional entry orders, and hold onto your assets for a longer period if desired.
Setting up Take Profit:
To configure Take Profit, follow these steps:
- Access Anny's platform and navigate to the Dashboard tab.
- Select "Signal groups/ Strategies" and locate the Signal provider group you want to automate.
- Click on "Automation" and choose the Take Profit option.
- Configure your Take Profit settings based on your preferences.
- Goal type: Define whether you want to liquidate 100% of your balance based on a specific target or profit percentage.
- Signal's target: Determine which signal target you want to execute your balance. Anny will place an exit order when that target is met.
- Profit percentage: Specify the profit percentage you would like to achieve. Anny will compare your average entry price to the next open buy price on the bid to determine if you can profit from the trade.
- Goal value: Set the target or profit percentage at which you would like to liquidate your signal.
- Order type: You can choose between market or limit orders.
Here are the pros and cons of each:
- Market order:
PRO: Secures the order execution and your profits are secured.
CON: The bid price may be slightly lower than the market price, resulting in a potentially lower end profit.
- Limit order:
PRO: Secures your target profit amount will be met as intended.
CON: A limit price order will be placed and enter the bookings waiting for a buyer, there's a chance that it may not execute.
- Market order:
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