Can you place stop loss and take profit at the same time?

[streetlaw]

In Poloniex, It's been a while since I placed a trade in this exchange, but from what I can remember, you can't place a stop loss and a take profit order at the same time, you have to choose either one. Am I wrong about this?

If I'm not wrong, could someone explain to me how I can do it? And if I'm right about this, are there any other exchanges that do allow you to place a stop and TP at the same time? Or are there any trading bots that work with poloniex that can do this?

Thanks.

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[pxo.011]

it will be up to you if you want to avoid loss via posting it on the price that you want however if the other people want to lower the price its up to them and you cannot do anything about that so be patient and wait until it bounce back to the price that you wanted.

[Pursuer]

I am not using Poloniex so I don't know how their platform works for this purpose but programmatically speaking a stop loss is basically a market watcher with a certain condition. so you can give it any condition you like to achieve anything you want.

stop loss is usually stopping a loss but if you want to take profit the you have to calculate how much you want and then set that price as the threshold to sell.
for example imagine buying an altcoin at 1000 satoshi
- your stop loss should be set where you say it is enough loss for me. for example you can set it at -5% which means setting the price at 953 satoshi (assuming fees are 0.2%).
- but you can change it to have 0 loss which means setting the sell price at 1004 satoshi to get your money back without making any profit but this can mean not being able to fill your order if the price is really falling.
- additionally during a pump you can set the minimum profit that you want to take out in  case the pump stopped and started dumping. for example you can set it at 10% so sell price would be 1104

this sounds complicated because it depends on your strategy.

[hugeblack]

I believe it is useless to use bots " Poloniex or any other auto tool" when trading because they deal with numbers while buying/selling decisions should be based on news and not numbers. [In other words, you have to spend time tracking news]
You can stop losses and make profits at the same time as follows:

 1. use sites like ------> https://bitscreener.com
 2. Continuously follow the list of Gainers and Losers.
 3. You can notice that some cryptos are 63.32% higher and others are losing -41.48%.
 4. Make a short-term exchange between these cryptos.

Good Luck.

[EMS-007]

it will be up to you if you want to avoid loss via posting it on the price that you want however if the other people want to lower the price its up to them and you cannot do anything about that so be patient and wait until it bounce back to the price that you wanted.

That's what happen to me, and i got stumbled waiting for bouncing of the price based upon my call unless i sold it and take my loss.. So far,  that was not my plan i wanted to be..

[Pursuer]

I believe it is useless to use bots " Poloniex or any other auto tool" when trading because they deal with numbers while buying/selling decisions should be based on news and not numbers. [In other words, you have to spend time tracking news]
You can stop losses and make profits at the same time as follows:

true but some sort of automation is mandatory in a manipulated market such as altcoin markets where prices can go 1000% in a couple of hours and drop 99% back down in the same short time. and you can not sit behind your computer 24/7 staring at your monitor for "news".
of course you need to follow the news (or more precisely hype that leads to pump) and all that but if you start placing stop losses and other conditional oders you will be preventing a lot of missed opportunities.

[StuartJonson]

This depends on the person or the investor that what he/she wants to do with their own investment. If on feels uncertain then that person can surely take out the money in order to escape a loss. But given the market has a chance to recover according to the analytics, it is wiser to hold onto it.

[Nnedaddy1]

Just like you can't actually eat your cake and have it so you can't put stop loss and take profit.
Its either you take profit or put stop loss . One at a time!

[darkangel11]

They say there are no stupid questions but this one actually is pretty close to being dumb. If you want to take profit and activate stop loss at the same time, you simply have to put stop loss above your entry point, which makes it a bit dumb because if the price falls an hour after you go in, your stop loss will not get triggered and you will become a bag holder.

[abanansah]

I know this is possible in forex trading where you can set stop loss, take profit and even trailing stop but never tried this in crypto trading before. Since poloniex have these features,then It might be okay to do that.

[biskitop]

can not. when the price falls, I just can do it and avoid losing it. without getting profit at the same time.

[StatusXX]

If the token grows - I put the three steps take profit.  Each time I take 50% of the assets. If the token falls, I put a stop-loss of 10-20%

[suprex333]

The strategy must indeed be carried out appropriately to overcome losses, one action is taken when the value is down and less potential, it can also be taken by taking steps that are able to provide profit, take when low values and high value can be sold. For the same collection, I don't think there is too much risk.

[charlotte04]

In Poloniex, It's been a while since I placed a trade in this exchange, but from what I can remember, you can't place a stop loss and a take profit order at the same time, you have to choose either one. Am I wrong about this?

If I'm not wrong, could someone explain to me how I can do it? And if I'm right about this, are there any other exchanges that do allow you to place a stop and TP at the same time? Or are there any trading bots that work with poloniex that can do this?

Thanks.

I wish I could also do this because it will be more convenient, but I guess those exchanges won't allow it to happen because they can't profit from it.

[MFahad]

In Poloniex, It's been a while since I placed a trade in this exchange, but from what I can remember, you can't place a stop loss and a take profit order at the same time, you have to choose either one. Am I wrong about this?

If I'm not wrong, could someone explain to me how I can do it? And if I'm right about this, are there any other exchanges that do allow you to place a stop and TP at the same time? Or are there any trading bots that work with poloniex that can do this?

Thanks.

No, its not possible. You can either put a stop loss or take profit. There is no such thing as doing the both things at the same time. You have to choose between the two. I will suggest to always put stop loss to avoid the loss and for profit you should actively watch the market.

[Mpamaegbu]

No, its not possible. You can either put a stop loss or take profit. There is no such thing as doing the both things at the same time. You have to choose between the two. I will suggest to always put stop loss to avoid the loss and for profit you should actively watch the market.

Placing the SL anf TP at the same time is a standard procedure in forex trading. I believe this is one of the upper hands FX has over the budding crypto industry. I think this is a whole lot of disadvantage if exchanges aren't implementing this mechanism already.

[gamechangers]

I don't use Poloniex. But as for placing a stop loss and taking profit at thesame time, I don't think it is possible. I'm aware you can place a stop loss on a particular order incase it's about to fall below your desired price. But I'm not sure you can do both at thesame time.

[gabmen]

Dude, by the term itself, stop-loss. That means that you're already below your initial capital and is already a few percentage down. That feature was made so that people won't lose a lot in case the price dumps and they're not around to make damage control.

[okala]

Trading can be anonymous some time, you could place your trade at a price that is best suitable to you and the other trader at the other end may have different offer for you trade but you choose what you go for if the offer is not OK for you your trade can wait until you get your desired amount.

[bhabygrim]

Check the following link, you can put Stop Loss and Take Profit at the same time : https://bitcointalk.org/index.php?topic=5127777

Thanks for dropping this off.
I also want to know if it is possible to trade and place order that could take profit or cut loss,
Since I am busy with other stuff and couldn't watch the market.
Would like to try it soon.