How To Create Smart Trade Order at LAXYA App?

Smart Trade Order

  • Smart Trade is easy way to place both Buy and Sell order at same time with many smart features such as Trailling, Take Profit, Take-Profit Trailling, Stop-Loss, Stop-Loss Trailling.
  • This also gives you the advantage of not having to wait for the second order after the first order has been executed.

Smart Trade place in Laxya App.

Smart Trade Order Type

  • Limit : A limit order is 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 order become limit order when Trigger price is met and will then execute at the prevailing limit price.
  • Trigger Market : Trigger market order become market order when 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 does Smart trade works by example.

Let’s select 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 amount,it will be 0.0028 BTC.
  • Now move to Take-Profit side. The Take-profit price which is always greater than buying price If we select “Buy” side earlier and take profit amount should not be greater then buy amount. We can use Take Profit-1 and Take Profit-2.but both are not compulasory. Let’s check the both option.

Take profit 1 :

  • Price is 38000 and amount is 0.0014 BTC.

Take profit 2 :

  • Price is 40000 and amount is 0.0014 BTC.

Stop Loss :

  • Stop Loss price 30000. Which is uses of 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.