I am able to create an order for take profit with maker commission. But I am unable to get the same maker commission when I create an order for stop loss, it this possible?
Here’s a sample of my maker order for my take profit (assuming I have long position):
client.futures_create_order(symbol='BTCUSDT', side='SELL', type='LIMIT', quantity=1, reduceOnly='true', price=25000, timeInForce='GTX')
The problem I am encountering is that the LIMIT order type will immediately expire if the price is lower than the latest price when selling.
Any help would be appreciated.
You should make use of type=
TAKE_PROFIT if you are trying to execute a take profit order. The
stopPrice in take profit order will ensure that the order will not be placed on the orderbook before the
stopPrice is reached.
I apologize if I wasn’t clear with my question.
I’m specifically asking for stop loss, I don’t have any problems with taking profit since I can just use type=
LIMIT (and I don’t even have to worry about
stopPrice with that order type). My problem is with stop loss.
I also tried type=
STOP but I feel like it’s ineffective for stop loss. To clarify, assume I have long position. If I’m going to use type=
stopPrice must be lower than ‘price’. This would mean if the price of the coin crashes, it will hit the
stopPrice and place a limit order at ‘price’ (which is, again, higher than
stopPrice), which is kind of useless if the coin just continue to go down until you are liquidated.
I’m starting to think that there’s really no way to place a stop loss order with maker commission at this point, as I can’t find a way to place a stop loss order with maker commission in the web/UI as well.