How do I set the Stop Loss?
A Stop Loss (SL) is mandatory on every position with the exception of non-leveraged BUY positions.
In this example, we are investing $1,000 in a BUY Platinum position – that means we expect the price of Platinum to rise in value.
- Click on STOP LOSS to set your SL according to a specific rate in the market. Type a rate, or use the + and - buttons to adjust the SL one pip at a time. In this example, the SL is set to a rate of 484.3. So if the price drops to 484.3, the Stop Loss will trigger and close the position automatically.
- You can also click the AMOUNT button to view and set the SL as a monetary amount. In this example, an SL rate of 484.3 is equivalent to -$500 – that means that if the trade loses $500, the Stop Loss will trigger and close the position automatically.
- Because this is a non-leveraged BUY position, you have the option to click on No SL to remove the Stop Loss completely.
You can adjust the Stop Loss at any time while the trade is open. To do so, follow these steps:
- Click on the relevant trade in your Portfolio to open the Edit Trade window.
- Click on STOP LOSS. If there is currently no Stop Loss and you wish to add one, click Set SL.
- Adjust your Stop Loss setting.
- Click Update in order to save the change.
Please note that after the trade is open, it is possible to extend your Stop Loss beyond the maximum Stop Loss allowed when opening a trade. This involves debiting funds from your available balance. For more information, please see here.