A clear and practical guide to mastering the trade-off between execution speed and price precision. It provides essential clarity for traders aiming to eliminate slippage through disciplined order management.
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How to Lock your exit with Limit TP/SL | SoDEX101Añadido:
You set the takerit on your Bitcoin position at 77,000.
The price gets there, but after the position closes, you check and the profit is noticeably lower than expected.
Your first thought might be, is Sodex bugged? Why didn't it fill at the price I set? It's not a bug. The issue is that the 77,000 you set is a trigger price, not a fill price. By default, when TPSL is triggered, the system places a market order to close the position.
A market order doesn't wait for your specified price. It takes the best available price on the order book at that moment. If the book is thin or the market is moving fast, the actual fill can land below your trigger. That gap is slippage.
If you don't want the market deciding your fill price, tick the limit price box. When ticked, instead of a market order, the system places a limit order at the price you specify when TP/SL is triggered. This way, your exit price is set by you. But there's a trade-off. A limit order needs the market willing to trade at that price. If the market moves through too quickly with no taker, the order sits open and so does the position. So the rule is simple. For certainty of exit, use market to lock in the fill price. Accepting the order may not fill. Use limit. Here's how. Step by step.
Step one. On the trade page, click the TPSLedit button at the end of your open position row.
Step two, enter the take-profit and stop-loss prices. Note, these are the systems trigger prices.
Step three, tick the limit price box.
Two new input fields appear.
Step four, enter the price you actually want to fill at when the trigger fires.
This is your limit price, your real exit price.
Step five, confirm.
Back in open orders, you'll see takerprofit limit and stop limit. This means your TPSL is no longer a market trigger. It's a resting limit order.
Your exit price is now set by you, not entirely by the market.
Try limit TPsl on sodex.com/tra.
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