> ## Documentation Index
> Fetch the complete documentation index at: https://docs.cove.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# Take-profit and stop-loss

> Set automatic exits, choose the percentage reference, and use breakeven.

A **take-profit** attempts to sell after a rise. A **stop-loss** attempts to sell after a fall. Both use a market-cap target or percentage condition, then execute at the available market quote.

You need a holding in the selected wallets.

## Choose the percentage reference first

Open **Settings → Trade panel settings → Manual TP/SL basis**.

| Basis                      | A percentage starts from…                            |
| -------------------------- | ---------------------------------------------------- |
| **Market price** — default | The market when you place the order                  |
| **Entry price**            | Each wallet's average entry when you place the order |

For illustration, you bought at **1m** market cap and the market is now **1.5m**. A **20% down** target is **1.2m** with Market price or **0.8m** with Entry price.

This reference is captured when you place a manual order; later buys do not move it. With multiple wallets, entry-based targets can differ. If entry is unavailable, Cove falls back to market and tells you.

## Create an exit order

<Tabs>
  <Tab title="Take-profit">
    <Steps>
      <Step title="Open the holding">
        Send `/positions`, check the profile, and open the token.
      </Step>

      <Step title="Choose the order">
        Tap **Limit → Selling → Take profit**.
      </Step>

      <Step title="Set the trigger and sell size">
        Choose **By % gain** or **By Market cap**. Enter the gain or capitalization target, then **Sell %** from 1–100.

        For example, **50** as a gain means **+50%**, not 50×.
      </Step>

      <Step title="Review and create">
        Check basis, target, wallets, size, and expiry. Tap **Create take profit** (or **Create orders** for multiple steps), then verify it in `/orders`.
      </Step>
    </Steps>

    <div className="cove-guide-figure">
      <Frame caption="An example two-step take-profit setup with sell percentages and expiry.">
        <img src="https://mintcdn.com/cove-8695a88b/5AGVnyufRiehO7dX/assets/guide-screenshots/order-take-profit.png?fit=max&auto=format&n=5AGVnyufRiehO7dX&q=85&s=66f78a9d7e439e2bf52166d793a9b1e0" alt="An example two-step take-profit setup with sell percentages and expiry." width={712} height={1005} className="cove-guide-screenshot" data-path="assets/guide-screenshots/order-take-profit.png" />
      </Frame>
    </div>

    <Accordion title="See the market-cap input mode">
      <div className="cove-guide-figure">
        <Frame caption="Take-profit setup in By Market cap mode, before entering the target and sell size.">
          <img src="https://mintcdn.com/cove-8695a88b/5AGVnyufRiehO7dX/assets/guide-screenshots/take-profit-market-cap.png?fit=max&auto=format&n=5AGVnyufRiehO7dX&q=85&s=78b07439c71bdddba684e302d97f8c75" alt="Take-profit setup in By Market cap mode, before entering the target and sell size." width={712} height={774} className="cove-guide-screenshot" data-path="assets/guide-screenshots/take-profit-market-cap.png" />
        </Frame>
      </div>
    </Accordion>
  </Tab>

  <Tab title="Stop-loss">
    <Steps>
      <Step title="Open the holding">
        Send `/positions`, check the profile, and open the token.
      </Step>

      <Step title="Choose the order">
        Tap **Limit → Selling → Stop loss**.
      </Step>

      <Step title="Set the trigger and sell size">
        Choose **By % down** or **By Market cap**, set the loss or capitalization target, and enter **Sell %** from 1–100.
      </Step>

      <Step title="Review and create">
        Check basis, target, wallets, size, and expiry. Tap **Create stop loss** (or **Create orders** for multiple steps), then verify it in `/orders`.
      </Step>
    </Steps>

    <div className="cove-guide-figure">
      <Frame caption="An example two-step stop-loss setup with sell percentages and expiry.">
        <img src="https://mintcdn.com/cove-8695a88b/5AGVnyufRiehO7dX/assets/guide-screenshots/order-stop-loss.png?fit=max&auto=format&n=5AGVnyufRiehO7dX&q=85&s=33e538fbd57d4d369c24ea65a0bb628f" alt="An example two-step stop-loss setup with sell percentages and expiry." width={712} height={1005} className="cove-guide-screenshot" data-path="assets/guide-screenshots/order-stop-loss.png" />
      </Frame>
    </div>
  </Tab>
</Tabs>

## Use breakeven

In the stop-loss **market-cap input**, enter **be** or **br** to use your entry market cap. Set the sell size, review, and create the stop. An entry value must be available and the target must be valid.

Breakeven describes the trigger, not guaranteed net recovery after fees, slippage, and price movement.

## Multiple levels and allocation

Where available, add manual steps, up to three. Review the **Sell size** basis: **% of entry** allocates slices of the position; **% of remaining** applies each percentage to what is left. See [Auto TP/SL sell sizing](/features/settings/auto-tp-sl#understand-sell-size).

If Cove says **Entry target already passed**, no orders were placed for those invalid targets. Adjust the percentages and review again.

## Follow the outcome

Default expiry is **30 days**. A brief price wick can trigger an order even if the market has already moved back by execution time. High impact or execution errors can prevent a fill.

Check [Manage orders](/features/managing-orders) for status, edits, and cancellation. Use [Trailing stop](/features/trailing-stop) for a moving peak-based exit, or [Auto TP/SL](/features/settings/auto-tp-sl) for future buys.