Opening a New Position: Creating a Long Trade
Navigate to the Terminal
Go to the Terminal menu (1).
Choose a coin pair to trade. For this example, we are using the Paper Trading account, the USDT market, and the BTC/USDT coin pair (2).
Analyze the Chart
Refer to the 15-minute BTC/USDT chart.
Identify patterns, such as Bitcoin bouncing from a specific price level (e.g., $90,000).
Plan your entry, Stop Loss, and Take Profit levels:
Entry: $90,000
Stop Loss: Below $85,000
Take Profit: Above $95,000
Step 1: Place the Entry Order
Set the Order:
On the Order control, select Limit (3).
Enter your Order Price (4) as $90,000.
Specify the Total (5) funds for the trade (e.g., $100).
Choose Good-Til-Cancelled (6) for the order type.
Set the action to Buy (*).
Confirm the Order:
Review the details in the confirmation box.
Click Confirm to place the order.
View the Order:
Once placed, the buy order (7) will appear on the chart.
Step 2: Set Up Stop Loss
Define the Stop Loss:
Go back to the Order control.
select Market (8) and enable the Conditional option.
Set the Trigger Price (9) at $85,000.
Enter the Units (10) matching the amount bought from the previous order you created.
Create the Order:
Click Sell to create the Stop Loss order within 3Commas.
Confirm the order.
View the Stop Loss:
The Stop Loss will appear on the chart.
Step 3: Set Up Take Profit
Define the Take Profit:
On the Order control, select Limit (12).
Enter the Order Price (13) as $95,000.
Set the Units (14) matching the amount bought.
Create the Order:
Click Sell (*) and confirm the order.
View the Take Profit:
The Take Profit order will appear on the chart
Congratulations! Your Trade Is Set Up
Your trade is now ready, with a clear plan for entry, Stop Loss, and Take Profit.
Quick Tips for Setting Stop Loss and Take Profit
For a Long Position:
Stop Loss: Conditional market order to sell below the entry price.
Take Profit: Conditional market or limit order to sell above the entry price.
For a Short Position:
Stop Loss: Conditional market order to buy above the entry price.
Take Profit: Conditional market or limit order to buy below the entry price.
For additional guidance:
Learn about the Introduction to the Terminal.
Explore the different Order Types supported by the Terminal.