What is a Take Profit order?

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A Take Profit order is a type of limit order that specifies the exact price at which to close out an open position for a profit. In some way, this mechanism similar to Trailing Take Profit. You can use Take Profit trade order with Stop Loss functions at the same time on FUMGO for the ability to manage open positions in both directions. It works like this — you set a specific price for the coin to be sold. For example, let's say 2 ETC for 146$ per each. You type that digits in the «Desired price» field and wait for the coin to grow. Now, let's say we have the patience to wait and ETH price rises to 146$, take profit order is executed, and the position is closed for the gain. It differs from trailing take profit with a precision of exact price to start selling, not deviation in percentage. If the price falls to the Stop Loss point, the order is executed and the position is closed for fewer loses. The difference between market price and these two points helps to define the risk-to-reward ratio. Take Profit Order separately fixes the desirable level of profit. You can set the price to automatically close the opened position on the cryptocurrency exchange. All further actions will occur without your participation, and you will receive notes about the result in telegram or via mail.