Strike Finance now supports Stop-Loss and Take-Profit settings when managing open positions. These tools help automate risk management by defining price points at which your position will automatically close, either to cut losses or lock in gains.
How to Set Stop Loss and Take Profit
After opening a position:
- Navigate to the position on your dashboard.
- Click Edit or Manage to open the position controls.
- Enter your desired Stop Loss and Take Profit price levels (in USD).
- Click Make Changes and approve the transaction.
After you have opened a position, you can set a Stop Loss or Take Profit value.
Connect your wallet
Connect your wallet and select “Perpetuals” from the top navigation menu.
Edit your TA/PL on Your Position
On your open position, there is an edit icon under TP/SL. Here, you can set the Take Profit and Stop Loss price.
Set your position Stop Loss and Take Profit
On the next screen, you will be able to set the price you wish to sell as a Stop Loss to minimise your losses or set the Take Profit price at which you are willing to automatically sell your position and take the profit.
These values need to be set at the asset’s price in USD.
Stop Loss: The position will automatically close if the market reaches this price, helping to minimise your losses.
Take Profit: Once this price is reached, the position will automatically close, securing your profit before the market reverses.
Why Use These Features?
- Protect Capital: Avoid large unexpected losses from sudden price swings.
- Automated Trading Discipline: Take emotion out of your trades by defining rules in advance.
- Lock in Profits: Secure gains before the market reverses.
Important Notes
- SL/TP execution depends on timely on-chain interaction. During extreme volatility or low liquidity, slippage may occur.
- You can edit or remove Stop Loss and Take Profit levels anytime.
These tools are essential for anyone trading with leverage and should be used in all trading strategies on Strike Finance to manage downside risk and preserve capital.
