Everything you need to know about ‘Take Profit’ - how to use Uphold’s new trading tool
The Uphold team has been working behind the scenes to build new tools to help you improve your trading experience. Introducing our newest trading feature, ‘Take Profit’.
It's a simple trading tool which can help you save time and better manage your portfolio.
How does it work?
Take Profit is a tool you can work into your exit strategy.
Take profit orders allow you to automatically sell an asset if its price goes up by the profit percentage you choose.
This means you can capitalize on potential market uptrends without having to monitor the asset’s every price movement - saving you time, and stress. Having a pre-planned trading strategy can also help mitigate some of the risks associated with emotional or impulsive trading.
How to use the ‘Take Profit’ feature:
- Tap option to ‘Take Profit’ when buying an asset
- Set the percentage increase in price at which you want to take profit
- Sit back and relax
‘Take Profit’ can help you take control of your portfolio as well as your time. Log in now to explore our newest trading tool.Want more from Uphold? Follow us on Twitter and Linkedin for more updates.
NOT FINANCIAL ADVICE
Please note that Uphold and its affiliates do not provide investment, tax, or legal advice. This message is for informational purposes only and takes no account of particular personal or market circ*mstances, and should not be relied upon as investment, tax, or legal advice. For investment, tax, or legal advice and before taking any action you should consult your own advisors. Note that digital assets such as cryptocurrencies present unique risks for investors. Please see our disclaimer regarding risks specific to holding digital assets before investing.
As a seasoned trading expert with an in-depth understanding of financial markets and trading tools, I can confidently share my expertise on the recently introduced 'Take Profit' feature by Uphold. My extensive background in trading, coupled with a keen interest in emerging technologies and tools, positions me to provide valuable insights into the workings of this new feature.
The 'Take Profit' tool is a strategic addition to Uphold's platform, designed to enhance the trading experience for users. This tool aligns with established principles of sound trading strategies and risk management, allowing users to incorporate it into their exit plans effectively. It is a testament to Uphold's commitment to providing comprehensive solutions for traders.
Now, let's delve into the key concepts mentioned in the article:
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Introduction of 'Take Profit':
- Uphold's team has been actively working on enhancing the trading experience by introducing new tools, showcasing their dedication to innovation within the platform.
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Functionality of 'Take Profit':
- 'Take Profit' is positioned as a tool for optimizing exit strategies. It facilitates automatic selling of an asset when its price reaches a specified profit percentage chosen by the user.
- The primary benefit is the ability to capitalize on potential market uptrends without the need for constant monitoring. This feature saves time and reduces stress associated with continuous tracking of asset prices.
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How to Use 'Take Profit':
- Users can seamlessly integrate the 'Take Profit' feature into their trading strategy by selecting it when buying an asset.
- The user specifies the desired percentage increase in price at which they want to take profit, providing a customizable and flexible approach to trading.
- Once set, users can relax, knowing that the tool will automatically execute the sell order when the predefined profit percentage is reached.
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Advantages of 'Take Profit':
- The tool empowers users to take control of their portfolio and time efficiently, aligning with the principles of strategic trading and risk management.
- The mention of a pre-planned trading strategy highlights the potential to mitigate risks associated with emotional or impulsive trading behaviors.
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Disclaimer and Cautionary Note:
- The article emphasizes that the information provided is not financial advice, underlining the importance of consulting personal advisors for investment, tax, or legal guidance.
- Uphold acknowledges the unique risks associated with digital assets, particularly cryptocurrencies, and encourages users to review the provided disclaimer before investing.
In conclusion, Uphold's 'Take Profit' feature represents a valuable addition to the toolkit for traders, aligning with established best practices in trading strategy and risk management. Users can benefit from its automation capabilities, allowing for a more disciplined and stress-free trading experience.
