How to trade with smart order

Cryptocurrencies.ai
Feb 24 · 4 min read

Smart order is the ability to automate your manual trading, reduce risks, increase profits and focus on strategy rather than game.

  • Open your broker account and deposit some funds or add your exchange API key.
  • Then go to trading terminal on spot or futures market.
  • Choose Smart order
  • Then you have to set 3 parameters up: Entry point, Stop loss and Take a profit
  • Let’s take a look at each of them separately.

Step 1. Entry Point

As you can understand from the name — these are the conditions for opening your position. This is what they can be like:

  • Known all price and quantity of order
  • Total is the equivalent of your order in quote currency.
  • Cost is the actual amount you will spend considering the leverage in the futures market only.

Let’s take an example:

I have placed a limit order on BTC/USDT pair for the price 9807 USDT with the order quantity 0.015 BTC which is equal to total 151.04 USDT. I trade futures with 101X leverage, so it cost me 1.49 USDT. Price of trailing is the trigger for its start. The deviation is a measure of how much the price should change after the trend reversal.

Step 2. Stop Loss

Stop Loss provides automatic closing of the position when losses reach a certain level.

Here you set only the level of loss to close the position in %, and you can also set a forced stop order to increase your chances of exiting the position in case the market slips.

Let’s take an example:

For the position whose entry point I set in the previous step, I set the stop loss to 8% and forced stop to 10%.

Step 3. Take a Profit

Take a Profit provides automatic closing of the position when profits reach a certain level.

Like stop loss, it’s very easy to set the percentages. You can set up trailing for Take a Profit, a principle I explained earlier. Or split it into several parts — split your targets.

Let’s take an example:

First, I decided that I want to close 25% of my position when the profit level reaches 10%. I’ll sell the remaining 75% at 15% profit.

Let’s take a look at how it looks overall.

And create a trade.

My trailing started and started placing orders and delete it to put a new one after recalculation in real time until the trend reverses. All I have to do is wait.

After the trend reversal, my trailing order was executed and a position was opened.

Smart order automatically places a stop loss and takes a profit order.

All I have to do is just wait and make a profit.

Try it yourself with Cryptocurrencies.ai

Cryptocurrencies.ai

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Smart tools for calm trading and portfolio management. A single platform for all your spot and futures accounts to manage risk and grow your portfolio

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