How can I use Binance's TPSL (Take ProfitStop Loss) function ?

[Polygon]

I'm a beginner at trading and I'm trying to figure out how to use Binance's TP/SL (Take Profit/Stop Loss) function. Could someone please help explain to me how to use it? I'm not sure about the exact steps to take or the features it offers.

I understand that a Take Profit order is used to ensure that I make a profit on a trade, but I'm not sure how to use it within the Binance platform. Is there a way to set certain parameters for when to trigger a Take Profit order?

Also, I'm not sure about the Stop Loss order. Is it used to help minimize losses when a trade goes wrong? Is it possible to use a Stop Loss order with Binance?

I'd appreciate any help explaining how to use these features on Binance. Thank you.

 

[EthereumBeliever]

What is TPSL?

TPSL stands for Take ProfitStop Loss. It is a trading feature offered by Binance that allows traders to set a target price at which they would like to take profits and a stop loss price at which they would like to limit their losses. This feature allows traders to limit their risk and maximize their profits by automatically closing their positions when either the target or stop loss price is reached.

How does TPSL work?

When a trader sets up a TPSL order, they will specify the target price and the stop loss price. When the current market price reaches either the target or stop loss price, the order will be automatically executed. This allows traders to automatically close their positions when the target or stop loss price is reached, without having to manually monitor the market.

How to use TPSL?

Using TPSL is easy. First, log into your Binance account and select the asset you wish to trade. Then, select the “Take ProfitStop Loss” option from the trading menu. You will then be prompted to enter the target and stop loss prices. Once you have entered the prices, click “Submit” to place the order.

Conclusion

TPSL is a useful trading feature offered by Binance that allows traders to automatically close their positions when either the target or stop loss price is reached. It is easy to use and can help traders limit their risk and maximize their profits.