When trading, it's key to understand the difference between Take Profit/Trailing Stop orders and Limit Orders. Take Profit/Trailing Stop orders are ideal for managing risk on trades you're entering, helping you lock in profits or limit losses automatically. On the other hand, Limit Orders can be used both when entering a trade and when selling assets already in your portfolio. With a Limit Order, you specify the price at which you want to buy or sell*, giving you control over the exact price point of your transactions. Knowing when to use each can enhance your trading strategy!
*Please note the following important information regarding limit orders:
- Sell Limit Orders: You cannot set a selling price for an asset that is below the current market price.
- Buy Limit Orders: You cannot set a buying price for an asset that is above the current market price.
Learn how to set up take-profit orders to secure your gains when the market reaches your target price.
A Take Profit Order order will automatically sell an asset for you if its price rises by a percentage amount you specify.
This means you can capitalize on market uptrends without having to obsessively track the asset’s every price movement - saving you time, and stress.
Say you buy a single token, ‘X’, for $10.
When you purchase ‘X’ on Uphold, you’ll immediately be given the option to set up a ‘Take Profit’. Three percentage values will come up on your screen (you can customize the percentage too).
Let’s say you set your ‘take profit’ at ‘50%’. This means that if your token, X, goes up to $15, your position will automatically close. You’ll sell ‘X’ at $15 and ‘take’ away a 50% ‘profit’ from your initial investment (a 50% ‘take profit’).
Using these kinds of tools can help take control of your portfolio as well as your time.
You can set up a Take Profit Order for any asset that you purchase.
- Tap on Transact at the bottom of your screen.
- Select source and destination
- Chose the amount
- Tap Take Profit Choose the % profit Rate at which will trigger the sell will be shown
- Tap confirm
- Tap preview trade And confirm your trade.
You can track and cancel your Take Profit Orders directly from your account activity.
- Tap the Account Center icon (top-left corner) > Activity > Limit Orders to see Active and Expired Take Profit Orders.
- Select the Take Profit Order you wish to view.
- If you want to cancel it, tap the cancel icon at the top right corner of the screen and confirm.
If you hold insufficient assets to cover the entire Take Profit Order, it will not execute.
Our charts show the mid-market price for any given assets. Take Profit Orders are triggered by the actual Buy or Sell prices achievable in the market. There’s always a difference between the two.
This means that while our charts may suggest the target price for an asset has been met, the actual Buy or Sell price required in order to execute the trade was not. As a result, the Take Profit Order remains open.