Take profit
Overview
This article provides all the descriptions and necessary steps to set up the Take profit.
Target audience
All traders
Pre-requisites
-
Connected to an exchange
- Be connected to a signal pool or strategy
Steps to set up the Take profit
Objective: configure Take profit for signal pools and strategies
Description of Automation: Take Profit is a great feature provided by Anny, enabling you to close 100% of the balance acquired during the signal's active period once your predetermined profit target is achieved. It empowers you to capitalize on favorable market movements and effectively lock in your profits.
How Anny functions: Anny constantly monitors the price of a given coin to determine if your target profit is reached. Once your target profit is met, it will automatically create an exit order to be executed on the exchange.
Description of Automation: Take Profit is a great feature provided by Anny, enabling you to close 100% of the balance acquired during the signal's active period once your predetermined profit target is achieved. It empowers you to capitalize on favorable market movements and effectively lock in your profits.
How Anny functions: Anny constantly monitors the price of a given coin to determine if your target profit is reached. Once your target profit is met, it will automatically create an exit order to be executed on the exchange.
Instructions: from the Dashboard tab, select the Signal groups or Strategies section from the menu on the left, find the group and then click on Automation. Select Take profit and configure.
- 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: Ensure 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.
Common issues
- The target has been reached and a Take profit order hasn't been created.
Make sure you have placed the desired target correctly in the configuration.
Additional resources
- Click here to learn how to manually create a Take profit order through Anny.
Youtube video: Learn how the take profit works and how to set it up