How do I set the Stop Loss & Take Profit on eToro?
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Stop-loss and Take profit are two necessary functions available on eToro. While Stop loss is a tool to minimize your loss when the price doesn’t move in the direction you want, Take profit is used to close a trade automatically at a specific rate that you are happy to close an order for a profit.
To set the Stop Loss & Take Profit on eToro, follow the detailed instructions below:
How do I set the Stop Loss?
1. After filling in other parameters (amount, leverage), click ‘STOP LOSS’.
Then set Stop loss according to a specific amount by typing a number or using the + and – buttons to adjust the Stoploss one pip at a time.
In this case, Stop loss is set at -$100. It means that that the position will be automatically closed if the trade loses $100.
2. Click on ‘Set Order’ or ‘Open Trade’ to complete.
How do I set the Take Profit?
The steps to place a Take profit order is similar to Stoploss’s.
After click on ‘TAKE PROFIT’, set Take profit according to a specific AMOUNT by typing a number or using the + and – buttons.
In this example, Take profit is set at $400. It means that that if the trade gains $400, the position will be automatically closed, and the amount of profit will go to your available balance.
You can also set Stoploss and Take profit according to a specific rate in the market by clicking on the RATE button.
For example, I set an SL at a rate of 2500. So if the price drops to 2500, the Stop loss will trigger and close the position automatically.
By combining Stop loss and Take profit, you better manage your positions like a professional.
During trading on eToro, if you want to adjust the Stop Loss and Take Profit, click on ‘Portfolio’ > select the relevant trade you want to modify and repeat Steps 1 & 2 as above instructions.
eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.
Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 68% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
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