Take profit (take profit).

Forex trading statistics show that most traders tend to hold on to losing trades until the very end and quickly close profitable ones, thereby missing out on the lion's share of their profits. Therefore, it's crucial to immediately lock in the potential profit by setting a take-profit order before opening a new order.

Take profit is an auxiliary order that closes a position as soon as the price reaches a specified value, thereby locking in the achieved profit level.

Take profit parameters can be set either directly when opening a new position or later, when modifying an existing order. You can always adjust the set value up or down if desired.

Why do you need Take Profit?.

Typically, traders pay more attention to placing stop-loss orders , while a profit order takes second place, although there are situations when setting a take-profit is simply unavoidable.

• Trading with pending orders – it is quite difficult to control when such an order will be triggered, and there is no guarantee that the trend will not reverse to the disadvantage after that. Therefore, the only option to take the profit is a Take-profit order.

• Fast trend – sometimes there are lightning-fast trend movements, when you physically do not have time to close the position. At the same time, the machine copes with this much faster, allowing you to get a couple of points, and sometimes tens of points more profit.

• Indecision – if, after conducting an analysis, you determine that it is possible to get at least 50 points of profit from a given movement, then a pre-set profit order “will not allow” you to close the position earlier.

How to set take profit.

The parameters of this order are set when opening a new order, at least that's how it should ideally be done. To do this, simply enter the expected position closing price in a special window.

Take profit is set in the direction of the position opening:

for a buy , above the current price.

For a sell, below the current price.

The minimum value set by the broker is usually 10-15 pips; you simply won't be able to set the take profit closer to the current cent level. The only option is to use five-digit quotes, which will reduce this value by 10 times.

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