We'll run through an example trade using the Terminal in this guide.
Head to the Terminal (1) menu and choose a coin pair to trade. We'll be using the Paper Trading account, the USDT market and the BTC/USDT coin pair (2):
Opening a new position
Creating a Long trade
Looking at the 15 minute chart for BTC/USDT, we can see that Bitcoin has created a pattern of bouncing from around the 19050 price level and we'll attempt to place an order at $19055 to try and catch the next bounce for a quick scalp trade (represented by the Orange line on the chart). We'll also set a stop loss (Red line) and Take Profit (Purple line):
Now we have a simple Trade Plan, let's place the "entry" order that will start the trade when it is filled by the exchange!
On the "Order" control, select Limit (3), as we want the order to be created on the exchange Order Book to fill at a specific price.
Set the Order Price (4) at the price we specified earlier, $19050.
Set the Total (5) to the amount of funds to risk on the trade. For our example, we are using $100, but you can specify your own value in either currency for the chart you are trading!
Order Type (6), we will be using "Good-Til-Cancelled" this means the order will stay on the exchange until it gets filled or you manually cancel it.
Action (7), we are aiming to buy Bitcoin low and sell it higher, so we will choose "Buy".
Once you click this button, you'll get an Order Confirmation box appear. Once you click confirm, you'll see a success message when the order is placed!
If you made a mistake and want to edit the order, simply click the "X" button at the top right of the box to cancel and return back to the "Order" control.
You can now see the buy order (8) on the chart window!
Well done, that's the first step complete! You can now repeat the process to set up your Stop Loss and Take Profit orders, read on...
Head back to the "Order" control and we will set up our Stop Loss.
Click Market (9) and enable the Conditional option.
Set the Trigger price (10) to the value we wish the Stop Loss to be executed.
Enter the Units (11) to be sold to end this trade, this should match the Units that you you will buy from the previous order you created, you can see this on the chart (8) or in the Open Orders window:
Click Sell (12) to create the order within the 3Commas trading engine. As this order is a Market Order, it will not be visible on the exchange order book.
The Order Confirmation box will be displayed and if you are happy, you can click Confirm to proceed.
You'll now see the Stop Loss Order (13) on the chart window!
Finally, we need to set a Take Profit order.
On the "Order" control, we'll choose Limit (14) as we want to sell our coins at a specific price.
For Order Price (15), we'll enter the price we chose in our Trade Plan, $19318.
We need to set the Units (16) to sell the specific amount of coins we bought to open the trade.
Finally, click Sell (17).
Again, you'll see the Order Confirmation box, which you can press the Confirm button to continue if the settings are correct!
Congratulations! Our trade is now set up and ready to go!
TIP: How to set stop loss and take profit in the terminal
Here is a brief summary of what we discussed earlier in this article, you can refer to this is you get stuck or need to "jog" your memory!
For a LONG position
- The Stop Loss will be a conditional market order to sell below the entry price of the position.
- Take Profit will be a conditional market order or a limit order to sell above the entry price of the position.
For a SHORT position
- The Stop Loss will be a conditional market order to buy above the entry price of the position.
- Take Profit will be a conditional market order or a limit order to buy below the entry price of the position.