How to create a smart trade order at the Laxya app?
Smart Trade Order
- Smart Trade is an easy way to place both buy and sell orders at the same time with many smart features such as trailing, take profit, take-profit trailing, stop-loss, and Stop-Loss Trailing.
- This also gives you the advantage of not having to wait for the second-order after the first order has been executed.
Smart Trade Order Type
- Limit: A limit order that allows traders to purchase or sell a cryptocurrency at a specified price.
- Market: A market order is instant. Therefore, it is simply an order placed by a trader to buy or sell cryptocurrency immediately at whatever its current price is.
- Trigger Limit: Trigger Limit orders become limit orders when the Trigger price is met and will then execute at the prevailing limit price.
- Trigger Market: Trigger market orders become market orders when the Trigger price is met and will then execute at the prevailing market price.
How Does Smart Trade Work?
Buy or Sell Order: This function determines How will the first order executed. For that select side(Buy or Sell) then select the Order Type.
Take Profit: This function determines How will the second-order be executed and how much Profit to make.
Stop Loss: Stop Loss is an advanced order that is used by traders to prevent additional losses. When a specific price point is met, the order is triggered.
Let’s understand how Smart trade works by example.
Let’s select the BTCUSDT pair and set these values
- Firstly select an order side which is either “Buy or Sell”. we are selecting “Buy”.
- The next step is to select an order Type, Let’s select “Limit”.
- Now we have to enter the buying price, let’s enter 35000 and our total investment is 100 USDT for example. So that we get the amount, it will be 0.0028 BTC.
- Now move to the Take-Profit side. The Take-profit price is always greater than buying price If we select the “Buy” side earlier and take profit amount should not be greater than the buy amount. We can use Take Profit-1 and Take Profit-2.but both are not compulsory. Let’s check both options.
Take profit 1 :
- The price is 38000 and the amount is 0.0014 BTC.
Take profit 2 :
- The price is 40000 and the amount is 0.0014 BTC.
Stop Loss :
- Stop Loss price 30000. Which are used to prevent additional losses.
Let’s understand how this works.
If the value of BTCUSDT dropped to 34500 at that time, the order would have already been executed at 35000. then Take-Profit or Stop-loss orders will be triggered and will be executed at the respective price.