guide: How to set stop loss, take profit on the phone

TutorialsSeptember 7, 2021 – The broker you should try to trade cryptos & US stocks. Learn more! guide: How to set stop loss, take profit on the phone. How to set stop loss, take profit is an essential operation when trading on any platform. Setting stop loss, take profit for the trade helps you not to worry about the open trade and still achieve the trading efficiency according to the initially defined strategy. This article will guide you on setting stop loss and taking profit when using floor on your phone.

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Why is it necessary to place a stop-loss order when trading on

A Stoploss order (also known as a stop-loss or stop-loss order) is a type of order that automatically closes an open trade when the price goes against your expectations to a specific level you set earlier. Stop-loss is an effective risk management tool. It is designed to limit investor losses when they cannot monitor their portfolio 24/7.

For example, you own 1 share of A. The current price is $69. To make sure you don’t lose when the stock goes down, you place a stop-loss order at $67.

After a while, stock A dropped to $67. When you are a share trade is automatically closed, you will receive $67 in your account.

On the platform, a stop-loss order for a Buy trade is executed when the selling price reaches the previously set stop-loss to close the sell order automatically.

Conversely, a stop-loss order on Sell trades is executed when the Buy price reaches the stop-loss price, and an automatic close of the sell order is executed.

See more: Trading Guide on on the mobile phone.

How to take profit orders work on

Similar to a stop-loss order, a take-profit order helps you execute your trading strategy automatically. The take-profit order is an automatically activated order that helps you close the trade when the price moves in the right direction and has reached a pre-set profit level.

For example, you own stock A. The market price is $69. You want to close this trade when the price reaches 75$. You reach your take profit order at 75$.

After that, the market rallied, stock A hit $75. Your trade is automatically closed. You collect $75 from your account.

On the platform, a Take profit order for a Buy trade is executed when the Ask price reaches the previously set take profit level to execute the order closing automatically.

On the contrary, take profit orders on Sell trades are executed when the Bid price reaches the take profit level, and the sell order closes automatically. guide: How to set stop loss, take profit on the phone.

To place a take profit order on your phone, do the following:

Step 1: Click [Portfolio] tab, select [Trades] guide

Step 2: Choose the trade you want to place a stop loss, take profit guide

Step 3: Enable [Stop Loss] and [Take Profit] buttons guide: How to set stop loss, take profit on the phone

Step 4: Fill in the stop loss, take profit levels according to your trading strategy and click [Confirm]

Conclusion: guide

Using a stop-loss order keeps you from taking too much risk when trading. In particular, using a combination of stop-loss and take-profit orders helps you not be emotionally affected when trading. Then, it would help if you found a trading opportunity, set a stop loss, take profit, and let the market work without worrying too much about whether the market is going in the direction you want or not.

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