The Move to Breakeven feature in SmartTrades will automatically move your Stop Loss to the entry price of your trade when the first Take Profit price you specified is met. It works only if you have at least 2 Take Profit targets.
For example:
You created a Smart Trade to buy 1 ETH for $100. You decide to risk 10% in this trade but expect a profit of between 10-30%.
You put a Stop Loss at $90 and place three Take Profit orders in split targets with 10% steps. So:
TP step 1 is $110
TP step 2 is $120
TP step 3 is $130.
Upon reaching the first Take Profit order ($110), the Stop Loss is transferred from $90 to the entry price ($100 + exchange fee).
Upon reaching Take Profit step 2 ($120), the Stop Loss remains at "Breakeven" to ensure if the price reverses, the trade will be closed without incurring loss.
ETH price | Stop Loss price |
$100 | $90 |
$95 | $90 |
$92 | $90 |
$105 | $90 |
$110 (TP 1) | $100 |
$120 (TP 2) | $100 |
$105 | $100 |
As can be seen in the table above, the price of Ethereum fell, but the Stop Loss was not triggered, then the price started to rise, and when the price reached the first Take Profit of $110, the Stop Loss was transferred to breakeven, at the price of $100.
Then, as the price increases, the Stop Loss remains at $100. When the price starts to fall, even below the Take Profit step 1, the Stop Loss remains at the breakeven price of $100.