Take Profit is also known as TP
- TP is placed at the Price Level where we want to take advantage of our order.
- TP for BUY orders is above the current price.
- TP for SELL orders is below the current price.
- When the price graph goes and hits the TP price, the order will close automatically.
Stop Loss is also known as SL
SL is placed at the Price Level where we want to minimize our losses when the graph moves against the direction with us.
- SL for BUY order is below the current price.
- SL for SELL orders is above the current price.
- SL orders will also be closed automatically when the price graph hits the SL price.
- Identify at which price you want to place TP or SL and Double Click on one of the numbers under the TP or SL order column that is running. Either way, it doesn't matter. Double Click!
- Enter the desired price in the SL and TP fields.
- An example of the price has been shown in the picture.
- After confirming, you can click the blue button.
Attention:
The way shown is a fast way. You can also "right-click" on the current order in the trade column. Select the order you want to change and click Modify Order. From there you can set TP and SL as well.
After you have set the TP and SL. You will be able to see the Stop Loss and Take Profit lines as below.
Continue studying the next chapter.
