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How Do I Set a 'Stop Loss' Level and 'Take Profit' Level On My Trading Account?

What is a 'Stop Loss'?

Stop Losses are used by clients to close a position to prevent further losses on the account.

Stop Losses are resting orders that are triggered to execute once a certain price is reached in the market. Once the Stop Loss is triggered, the trade will close at the next available price in the market once the trigger price is reached.

A Stop Loss is set to trigger on the Bid if the open position is a Buy (Long) and on the Offer if your position is a Sell (Short).

It is important to note that MT4 charts only show the Bid on the market you are trading.

 

What is a ‘Take Profit’?

Take Profits are used by clients to close a position for a profit on the account.

Take Profits are resting orders that are triggered to execute once a certain price is reached in the market. Once the Take Profit is triggered, the trade will close at the trigger price in the market or next available price, once the trigger price is reached.

A Take Profit is set to trigger on the Bid if the open position is a Buy (Long) and on the Offer if your position is a Sell (Short).

It is important to note that MT4 charts only show the Bid on the market you are trading.

 

How do I set up a ‘Stop Loss’ or 'Take Profit ' on my account?

  • Open the chart of the product you want to trade

  • Right click - ‘trading’ - ‘new order’

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  • Make sure the symbol is correct

  • Make sure the lot size ‘volume' is correct

  • Write the 'Stop Loss 'level you want to choose

  • Write the ‘Take Profit’ level you want to choose

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  • Then choose if you want to sell or buy for your position 

 

If you need any assistance with setting a 'Stop loss' or 'Take profit' on your account, please contact the support team by live chat, email (support@valutrades.com) or phone (+442031410888)