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🤖Set Stop Loss and Take Profit Orders
Limit orders are available for both versions of WOWswap: WOWswap Pro and the original WOWswap.
To turn on Limit Orders, simply toggle the On/Off button and options to set Stop Loss and Take Profit will appear.
📈Take Profit specifies the exact price at which to close out an open position for a profit. If the price of the token does not reach the limit price, the take-profit order does not get filled. Learn more here.
📉Stop Loss specifies that a token is to be sold when it reaches a specified price known as the stop price. Learn more here.
Both values on WOWswap are specified in percentages.
The key advantage of using Limit Orders is that, you don’t need to monitor your holdings daily. It also allows you to follow your strategy before you open a trade, therefore, minimizing the number 1 enemy of a professional trader — your own emotions.
👉Limit orders are executed in a decentralized way by liquidation bots that track and close trading positions which satisfy limit order conditions. For example, if a trading position reached a target profit or stop loss percentage, any liquidation bot can call WOW smart-contract and close this position.
💵Executing limit orders is free for users, liquidation bot operators pay for gas and don’t get any extra rewards or compensating for closing these positions.