Putting Stop Loss & Take Profit
Putting Stop Loss & Take Profit
Video Transcript
Putting Stop Loss & Take Profit
Stop Loss order is used for minimizing of losses if the currency pair price has started to move in an unprofitable direction. If the currency pair price reaches this level, the position will be closed automatically. Such orders are always connected to an open position or a pending order. Forex4you can place them only together with a market or a pending order. Terminal checks long positions with BID price for meeting of this order provisions (the order is always set below the current BID price), and it does with ASK price for short positions (the order is always set above the current ASK price).
To automate Stop Loss order following the price, one can use Trailing Stop.
Take Profit order is intended for gaining the profit when the currency pair price has reached a certain level. Execution of this order results in closing of the position. It is always connected to an open position or a pending order. The order can be requested only together with a market or a pending order. Terminal checks long positions with BID price for meeting of this order provisions (the order is always set above the current BID price), and it does with ASK price for short positions (the order is always set below the current ASK price).
A trader can put Stop Loss & Take Profit orders when he/she opens a position on the market price, placing pending order or add Stop Loss & Take Profit to already opened position.
You can put Stop Loss & Take Profit level when you open position. To open a position using a market order, you have to execute the "Tools – New Order" menu command, press the New Order button of the "Standard" toolbar, press F9, or double-click on the symbol name in the "Market Watch" window. You can also execute the "New Order" context menu command of the windows of "Market Watch" and "Terminal – Trade". At that, the "Order" window will open that is used for managing trade positions. In the order window specify Stop Loss & Take Profit levels as well as other parameters and click “Buy” or “Sell”.
To place a pending order, you have to open the "Order" window. This can be done by the "Tools – New Order" menu command, the “New Order” button of the "Standard" toolbar, by pressing of F9, by the "New Order" command of the "Market Watch" and "Terminal – Trade" window context menus, as well as by double-clicking on the symbol name in the "Market Watch" window. "Pending Order" must be selected in the "Type" field of this window. In the order window specify Stop Loss & Take Profit levels as well as other parameters and click “Place”.
To place or change Stop Loss & Take Profit order for an already opened position go to “Terminal” window, on “Trade tab” find the position you want to choose and right click on it. In the drop down menu choose “Modify or delete order”, the order window will appear. In the order window specify Stop Loss & Take Profit levels and click “Modify”.
Stop Loss order is used for minimizing of losses if the currency pair price has started to move in an unprofitable direction. If the currency pair price reaches this level, the position will be closed automatically. Such orders are always connected to an open position or a pending order. Forex4you can place them only together with a market or a pending order. Terminal checks long positions with BID price for meeting of this order provisions (the order is always set below the current BID price), and it does with ASK price for short positions (the order is always set above the current ASK price).
To automate Stop Loss order following the price, one can use Trailing Stop.
Take Profit order is intended for gaining the profit when the currency pair price has reached a certain level. Execution of this order results in closing of the position. It is always connected to an open position or a pending order. The order can be requested only together with a market or a pending order. Terminal checks long positions with BID price for meeting of this order provisions (the order is always set above the current BID price), and it does with ASK price for short positions (the order is always set below the current ASK price).
A trader can put Stop Loss & Take Profit orders when he/she opens a position on the market price, placing pending order or add Stop Loss & Take Profit to already opened position.
You can put Stop Loss & Take Profit level when you open position. To open a position using a market order, you have to execute the "Tools – New Order" menu command, press the New Order button of the "Standard" toolbar, press F9, or double-click on the symbol name in the "Market Watch" window. You can also execute the "New Order" context menu command of the windows of "Market Watch" and "Terminal – Trade". At that, the "Order" window will open that is used for managing trade positions. In the order window specify Stop Loss & Take Profit levels as well as other parameters and click “Buy” or “Sell”.
To place a pending order, you have to open the "Order" window. This can be done by the "Tools – New Order" menu command, the “New Order” button of the "Standard" toolbar, by pressing of F9, by the "New Order" command of the "Market Watch" and "Terminal – Trade" window context menus, as well as by double-clicking on the symbol name in the "Market Watch" window. "Pending Order" must be selected in the "Type" field of this window. In the order window specify Stop Loss & Take Profit levels as well as other parameters and click “Place”.
To place or change Stop Loss & Take Profit order for an already opened position go to “Terminal” window, on “Trade tab” find the position you want to choose and right click on it. In the drop down menu choose “Modify or delete order”, the order window will appear. In the order window specify Stop Loss & Take Profit levels and click “Modify”.
