FTX Question - How to set take-profit before opening position?

[adaseb]

Wondering if this is possible.

Say you got a limit order set, and before this limit order fills, you want to a take profit order. Is this possible?

Say you want to buy bitcoin at $35000, so you set a limit order for $35000 and you want to take profit at $40000. With a stop at $30000.

You would set a buy order at $35000, and a stop market sell order at $30000. However when I try and make a limit sell for $40000 using the reduce only option, I get an error because the long position is not opened yet. I need to open the position first and then I can add the reduce only option for the sell order.

Anyway to add all 3, a limit order, stop order and take profit order before I get my fill ? I am pretty sure its not possible with FTX.

Maybe it possible with the Quant Zone?

[Oshosondy]

Anyway to add all 3, a limit order, stop order and take profit order before I get my fill ? I am pretty sure its not possible with FTX.

I am not using FTX though.

I have been using Binance for sometimes now and I have not noticed this to be possible.

On Binance I can make many orders of an opened position, but from your post, you know how this works for trading future trading already.

I can have you this conclusion, you will have to open the position first before you can be able to set both take profit and stop loss. You are not a newbie trader for not to know if this works on FTX, once it does not work like you said, then it is not possible also on FTX.

You want to make a take profit or stop loss order of a position not yet opened, that is not possible.

[mk4]

Correct me if I'm wrong but I'm pretty sure this isn't possible even using the Quant Zone. My guess is that your only choice is to be using bots of some sort. Afaik most decent traders just use Python scripts for such purposes.

[Coin_trader]

Wondering if this is possible.

Say you got a limit order set, and before this limit order fills, you want to a take profit order. Is this possible?

Say you want to buy bitcoin at $35000, so you set a limit order for $35000 and you want to take profit at $40000. With a stop at $30000.

You would set a buy order at $35000, and a stop market sell order at $30000. However when I try and make a limit sell for $40000 using the reduce only option, I get an error because the long position is not opened yet. I need to open the position first and then I can add the reduce only option for the sell order.

Anyway to add all 3, a limit order, stop order and take profit order before I get my fill ? I am pretty sure its not possible with FTX.

Maybe it possible with the Quant Zone?

This is not possible for a spot order on FTX or even other exchange. Only futures trading this kind of feature due to its nature of being risky when you left it behind without SL or TP. Only bot can help you do this on spot trading which I don’t know if it is available on FTX.

[teosanru]

Wondering if this is possible.

Say you got a limit order set, and before this limit order fills, you want to a take profit order. Is this possible?

Say you want to buy bitcoin at $35000, so you set a limit order for $35000 and you want to take profit at $40000. With a stop at $30000.

You would set a buy order at $35000, and a stop market sell order at $30000. However when I try and make a limit sell for $40000 using the reduce only option, I get an error because the long position is not opened yet. I need to open the position first and then I can add the reduce only option for the sell order.

Anyway to add all 3, a limit order, stop order and take profit order before I get my fill ? I am pretty sure its not possible with FTX.

Maybe it possible with the Quant Zone?

It Isn't possible in spot, but it is possible in future BITMEX and I have even done it in Binance as well, basically, first you put a buy limit order on whatever price that you want to buy on let's say 40000, then you put a short position stop-Limit on 42000 but keep its trigger at around 41900, which means if the price goes to around 41900, it will then put a reduce only order at 42000 to sell this position that you might enter, similarly for selling it on a stop loss create a stop limit at around 38000 with a trigger price of 38001, which means this order will get trigger only if prices goes below 38001.You shouldn't find any erorrs in placing these and your purpose is fullfiled too.

[adaseb]

Wondering if this is possible.

Say you got a limit order set, and before this limit order fills, you want to a take profit order. Is this possible?

Say you want to buy bitcoin at $35000, so you set a limit order for $35000 and you want to take profit at $40000. With a stop at $30000.

You would set a buy order at $35000, and a stop market sell order at $30000. However when I try and make a limit sell for $40000 using the reduce only option, I get an error because the long position is not opened yet. I need to open the position first and then I can add the reduce only option for the sell order.

Anyway to add all 3, a limit order, stop order and take profit order before I get my fill ? I am pretty sure its not possible with FTX.

Maybe it possible with the Quant Zone?

It Isn't possible in spot, but it is possible in future BITMEX and I have even done it in Binance as well, basically, first you put a buy limit order on whatever price that you want to buy on let's say 40000, then you put a short position stop-Limit on 42000 but keep its trigger at around 41900, which means if the price goes to around 41900, it will then put a reduce only order at 42000 to sell this position that you might enter, similarly for selling it on a stop loss create a stop limit at around 38000 with a trigger price of 38001, which means this order will get trigger only if prices goes below 38001.You shouldn't find any erorrs in placing these and your purpose is fullfiled too.

Yes I know you can do it on some exchanges. And on some exchanges you can put a reduce only order and if price hits that area and you don’t have a position open then it just cancels it.

The issue with FTX is that if you make a reduce only order it will give you an error if you don’t have a position open. Even if you have an order for that position which is unfilled, it gives an error.