Take Profit / Stop Loss
Take Profit & Stop Loss
Take Profit & Stop Loss
Take profit and stop loss orders enable traders to set target profit levels and maximum acceptable loss levels. Take profit and stop-loss orders provide a level of automation and help traders stick to their predefined trading plans.
To allow traders to define both their target profit level and the maximum acceptable loss level, both orders can be placed simultaneously when entering a trade.
Decide the type of order you want to create between Standard
, Limit
or Stop
;
Check the TP/SL box to abilitate it;
Enter the parameters to trigger TP and/or SL and click Long
or Short
button;
The TP/SL (and limit/stop type order) will be shown in the Orders
tab, meanwhile the (standard) order executed by the keepers will be shown in the Positions
tab;
When user opens a trade with TP/SL two different orders will be generated.
The new trade position
The TP/SL
Both the orders generated have same size
It is possible to add a TP/SL to an entire existing position:
Click the Add
button;
A popup will appear and you can decide the trigger price for TP and/or SL for the entire position; and click Confirm TP/SL
Once validate the transaction the TP/SL will be shown on Order
tab and Position
tab
It is possible to modify a TP/SL to an existing position clicking the "Edit" button in the Position tab.
After clicking, the popup similar Add TP/SL to a position will appear. A transaction will exectute this new TP/SL and cancel the previous one.
To cancel a TP/SL is enough to go on Orders tab and click Cancel
It is important to note that while these orders can be effective risk management tools, they are not foolproof. In certain market conditions, such as during high volatility or low liquidity, the execution of these orders may differ from the intended price level. This is known as slippage and can result in trade executions at slightly different prices.
Traders should consider potential slippage and set their take profit and stop-loss levels accordingly to account for these factors.
Important: A reasonable buffer between the stop-loss level and the liquidation price, traders can enhance their chances of preventing liquidation events.