Set Stop Loss
Limit Orders are available to all 0xFutures users, whether they are buyers or sellers.
To activate Limit Orders, simply click on the 'Limit Order' button, where you'll find options to configure both 'Stop Loss' and 'Take Profit.'
π Take Profit: This sets a specific price at which an open position will be closed for a profit. If the token's price doesn't reach the limit price, the take-profit order remains pending. For more details, refer to this resource.
π Stop Loss: This triggers the sale of a token when it reaches a predefined price known as the stop price. Further information can be found here.
The primary advantage of utilizing Limit Orders is that you no longer need to monitor your holdings on a daily basis. It also enables you to adhere to your trading strategy before initiating a trade, helping you overcome one of the most significant challenges for professional traders: emotional decision-making.
How Limit Orders Work: Limit orders are executed in a decentralized manner by liquidation bots. These bots monitor and close trading positions that meet the conditions specified in limit orders. For example, when a trading position reaches a specified target profit or stop loss percentage, any liquidation bot can trigger the 0xFutures smart contract to close that position.
Users do not incur any execution costs for limit orders; the operators of liquidation bots cover the gas fees and do not receive additional rewards or compensation for closing these positions."
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