You have made your voice heard and we are very happy to comply:
Introducing: 1 pip minimum Stop Loss & Take Profit
We have just released a new version of the WebTrader. This version has a lot of improvements in it but most of them are what we call “under the hood”, with one major exception: the 1 pip minimum stop loss & take profit.
So what is this new feature all about anyway?
Well, if you’ve been trading with eToro for some time I’m sure you are already familiar with the current minimum distance requirements we have when we set our stop loss (SL) or take profit (TP) orders.
If we open a EUR/USD trade with x100 leverage then the closest distance we can set our SL price is 20 pips, which is 20% of our entire trade (TP is the same).
Once we opened the trade and want to edit the SL (or TP) we can only set it as close as 12 pips from the current market Bid or Ask price.
That is now history.
The new minimum requirement will be as low as 1 pip from current market Bid and Ask prices when opening a trade and when editing an existing trade, there are literally no limits!
This becomes helpful when a trade is going our way and we want to edit the SL in the direction of our trade to secure minimum profit. We might even want to do that several times along the trade.
Another scenario is when traders want to engage in a short term trade with a small profit target. Now this will become much easier since you’ll be able to aim at as little as 1 pip profit.
A word of caution though: when we trade with profit and stop levels that are so close to the current market price, if the market moves fast, at times our trade can close out even before we saw it open. This is normal expected behavior.
One more thing to add about our current release:
We at eToro would like to encourage responsible trading, that’s why when you will try to trade with a leverage higher than x100 or enter a single trade with an amount that is higher than 20% of your balance, we will warn you about it and block it for your safety.
If you’re sure enough about your trading decisions, you can always remove this restriction in the settings page
Having said all that, I wish you all happy and responsible trading.