Post
Topic
Board Bitcoin Discussion
Re: Can you place stop loss and take profit at the same time?
by
Perunex
on 05/04/2019, 10:25:46 UTC
Its not possible to take profit when stop loss function is activated because it's assumed that you are already making loss from the trade that's why you used stop loss in the first place.
It's a case of wanting to eat your cake and have it.

No it is not. You can put stop-loss (or take profit) even before you have anything (limit order). It's just about conditioning:

condition 1: enter position if price reaches X
condition 2: if position entered, exit position if price reaches Y (YX).

It's actually quite simple and I don't understand why exchanges don't have that option. Because mostly they don't.