Here is how to open a position, set stop loss & take profit in PrimeBit standard exchange offers (PB-USD-EX and PB-USDT-EX).
Opening a position
Choose the symbol you want to trade (1), select "SELL" to short an asset or "BUY" to take a long position (2), choose the "Market" order type (3), and select the "Quantity" (4) (number of PrimeBit contracts).
Check the "Required margin" for this order and make sure that the "Available balance" is higher than the required margin.
Click the green "BUY" button (5) at the bottom of the window to make the order.
That's it! You can see your position in the "Open Orders" tab.
You see the symbol, order type, quantity, entry price, fair price, estimated liquidation price, swap and indicative profit.
Everything looks fine so far. Set a stop-loss order if you don’t want your position to be liquidated. Since PrimeBit operates in an exchange model where a stop loss is a stop order.
Stop-loss must be opened on the trade's opposing side. Since we made a BUY order, the stop loss is a sell stop order. Choose "Stop" as your order "Type". In our case, stop loss will be below the current BTCUSD price. Your order quantity should be the same as for our initial buy order.
After clicking on the SELL button, your stop loss will be visible in the pending order tab. Perfect!
Take profit (TP)
Take profit option will close your order when the price reaches the limit price.
Here's how you can open a SELL order, which works as a take-profit.
Choose "SELL" as the order's "Side", and "Limit" as its "Type". The order quantity should be the same as for our initial buy order.
Double-check the details, and click the "SELL" button.
You can see your take profit order in the "Pending Orders" tab.
Pending orders can always be cancelled by clicking on the “x” icon. That`s it!