“Simple Buy” and “Simple Sell”
If you have no open positions on the pair you would like to trade, a “Simple Buy” will create a ”Long” position and a “Simple Sell” will create a “Short” position for the current trading pair you have selected at the top of the Smart Trade Terminal window.
WARNING: If you have a live Smart Trade position or Bot deal be very careful not to create additional trades on the same cryptocurrency pair as this will most likely cause your existing Smart Trade, Smart Cover, Smart Sell, DCA Bot or Grid Bots to fail as you will alter the position size on the exchange.
If you have an open “Long” position on the pair you have selected
Using “Simple Buy” will add funds to the position size. This is useful for “Turtle Traders” that like to add to winning trades as the price passes key levels of resistance.
Using “Simple Sell” will remove funds from the open position size. This can be useful if you feel over-exposed to risk and would like to close some of the position at a small loss or for manually taking profit on a trade.
If you have an open “Short” position on the pair you have selected
Using “Simple Sell” will add funds to the position size. This is useful for “Turtle Traders” that like to add to winning trades as the price falls below key levels of support.
Using “Simple Buy” will remove funds from the open position size. This can be useful if you feel over-exposed to risk and would like to close some of the position at a small loss or for manually taking profit on a trade.
Simple Buy (Example)
Select a Trading Pair
Scroll to the top of the Smart Trade page and ensure at least the “Smart Trade Terminal” is enabled (1).
Now choose a Futures “Exchange”, “Market” and the cryptocurrency “Trading Pair” (2).
You can also click any favourite pairs you have saved (3).
Placing an order
If you wish to “Buy”/open a “Long” position then click the “Buy/Sell” tab from the Smart Trade Terminal page (1).
Select the “Leverage” to use for this position (3).
Choose whether to create a Limit or Market Order, Limit orders are entered into the exchange orderbook, Market orders are executed immediately (4).
You now have various choices to allocate funds; You can enter the exact amount of the cryptocurrency to purchase (2), enter the exact amount of funds you wish to trade with or use the shortcut buttons to allocate a percentage of your available funds (6).
The amount of funds you will use to open the position updates automatically and is displayed in the “Total” box (6).
Remember to multiply the Total funds by the Leverage to get the correct order size.
Once you are ready, click “Buy” to proceed, if you chose a Limit order you;ll see the progress indicator below while you wait for the exchange to fill the order::
Once the exchange has filled your order, you will see a confirmation of this:
If you had an active “Long” bot deal and cancel it, or open a manual “Long” position using “Simple Buy” as described above, then you can create a “Smart Sell” trade to close the position in profit and/or add a stop loss.
A good example of this is if you started a “Long” bot for USDT_LINK and the position is going well and when you check the charts you feel the position may turn into a longer swing trade, you can create a “Smart Sell”, for example, to define upto 4 Take Profit areas and add a trailing Stop Loss.
Head to the Smart Trade page and select LINK from the “Exchange”, “Market” and “Trading Pair” boxes:
Click “Smart Sell” from the types of trade selection:
Check the size of the open exchange position (1).
Enter the amount of LINK to sell (2).
Leave ‘Leverage’ as “Not Specified” - the position is already open and has leverage already set, we don’t need to specify this to create a Smart Sell (3).
Enter the price you bought/opened the LINK position for earlier - this is important to correctly display the amount of profit or loss when the Smart Sell completes (4).
The value of the position size is displayed (5).
Click to enable “Take Profit” and choose whether to use Limit or Market order for the Take Profit steps (1), Limit orders are not guaranteed to fill but may cost less in exchange fees and Market orders are executed immediately but usually cost more in fees and could incur “slippage”. For my example here, I wish to take profit with half of the position at 1% and close the rest of the position using Trailing Take Profit once price hits 2%.
Click “Split Targets” (2).
You’ll now see a “Volume” bar and entry box on the screen:
Enter “1” in the take profit percentage box or move the slider (1).
Enter “50” in the ‘Volume’ in the box or move the slider (2), there is a preview of the value of the position displayed here, this can be useful to ensure you are setting an order large enough to meet the minimum order sizes that some exchanges impose.
Click “Add TP target” (3) and repeat these steps to add a second take profit step.
Now set “Trailing Take Profit” (4). Trailing take profit “activates” once price exceeds “Take Profit Step 2” target you configured above, and follows price up until the price then drops by the deviation percent specified.
Finally we need to set Stop Loss to ensure we are protected from liquidation, click the button to “enable Stop Loss”:
Set Market order to ensure your Stop Loss is executed and not skipped by the exchange - you may use a Limit order, but often the Stop Loss is the last line of defence before potential liquidation! (1).
Enter the value or percent at which Stop Loss should activate (2).
You may wish to enable “Trailing” on Stop Loss, which will follow current chart price by percentage value you set, this can be useful to close a position at a very small loss should price not reach your first Take Profit Target configured earlier (3).
Click “Create” (4), and if you are happy with the settings displayed on the Confirmation screen, click “Confirm”:
Monitor the progress of your trade: