How to trade with the Bracket Order
What is a Bracket Order?
TT Bracket order is a powerful and advanced tool for traders to manage risk and reduce the pressure
of monitoring a position on a day-to-day or even hour-to-hour basis.
A TT Bracket comprises of 3 major components:
① Initial Order + (②Take Profit Order / ③Stop Loss Order)
To put it simply, a Bracket Order first submits a Limit order for you and once it is filled, an OCO (one-cancels-other) order will be automatically submitted. This OCO order is set with a profit target offset and a stop loss offset from the price of the original order.
Here is an easy and simple example:
Mark wants to buy XBT at $10,000, expecting a profit of $100 when the price goes up. But if the price goes the opposite way, he is willing to bear a loss of $50. Now with our exclusive Bracket Order, he can submit these three orders in just ONE CLICK!
① Initial limit Order = $10,000
②Take Profit limit Order = $10,100
③Stop Loss limit Order = $9,950
You may also be interested in:
1) The Bracket Order — A Simple Way to Manage Risk
2) How to trade in CoinFLEX
3) A video tutorial teaching you how to use Bracket Orders
Set the Profit Target and Stop Loss for your Bracket Order, and then click the save icon.
Profit Increments: Profit target; The number of ticks away from the price of the initial order that corresponds to the profit-taking direction. For instance, the tick size of XBT is 0.5, meaning that 1 tick equals 0.5 USDT
Loss Trigger Increments: Trigger price for this Stop Limit order, also measured in ticks
On Trigger, Payup Increment: Sets the number of ticks away from the trigger price to submit a Limit order
Step 1: Check your balances
You can check your balances using either the Order Ticket (left) widget or the Assets (right) widget.
In this example, you can see I have about $477 in USDTDEC market.
Note: there are two ways to create a Bracket Order, either in Order Ticket widget or in another widget called MD Trader (shown as example below).
Step 2: Create an order
In the MD Trader widget, make sure you have selected TT Bracket as the Order Type. Then, type in the quantity you want to buy/sell, or, simply pick from 25%/50%/100%. After that, you just need to point your mouse to the corresponding box of the Bids/Asks price and left click to submit the Bracket Order.
Here I would like to submit a buy limit order at the price of $8,535, with 100% of my available USDTDEC balance (~$477).
After you click Confirm, you will see your order is placed from both the Chart, Order Book and MD Trader widgets.
Once this initial limit order is executed, a Take Profit limit order and a Stop Loss limit order are simultaneously placed upon your settings in the TT Bracket. When either one is triggered and executed, the other will be cancelled.
As I have set the “Profit target” to be 10 ticks and the “Stop loss” to be 20 ticks, the Take Profit order price and the Stop Loss order price will be $8,545 and $8,515 respectively.
Now, what you have to do is just hang around and do your own stuff. Come back in a couple of minutes or hours to see whether you have WON or LOST money!