How do I use Binance's Take-Profit Market (TPM) order ?

[Rarible]

I'm new to trading and I recently heard about Binance's Take-Profit Market (TPM) order. I'm not sure how to use it, so I'm hoping I can find some help here.

From what I understand, TPM is a type of order that allows you to automatically close out a position and take profits when a certain price is reached. Is this correct?

I also heard that it can be used to protect against market volatility, but I'm not sure how. Can anyone explain how TPM works and how it can be used to protect against market volatility?

I'd really appreciate any advice or information about TPM.

 

[Compound-Basic-Atten]

What is a Take-Profit Market (TPM) Order?

A Take-Profit Market (TPM) order is a type of order on the Binance cryptocurrency exchange which allows traders to specify a target price at which they want to buy or sell a cryptocurrency. This order will be automatically triggered when the market price reaches the set target price. This type of order is useful for traders who want to set a target price for their trades and have the order executed automatically when the market reaches that price.

Keywords: Take-Profit Market (TPM) Order, Binance, Cryptocurrency Exchange, Target Price

How to Use a Take-Profit Market (TPM) Order on Binance?

Using a Take-Profit Market (TPM) order on the Binance cryptocurrency exchange is easy. First, you will need to log into your Binance account and select the cryptocurrency you want to trade. Once you have selected the cryptocurrency, you will need to enter the amount you want to buy or sell and select the “Take-Profit Market” order type. You will then need to enter the target price at which you want your order to be executed. Once you have entered all the required information, you can click the “Submit” button to place the order. Your order will be executed automatically when the market price reaches the target price you have set.