How do I set the Take Profit?
A Take Profit (TP) is mandatory on every position with the exception of non-leveraged BUY positions.
In this example, we are investing $1,000 in a BUY Gold position – that means we expect the price of Gold to rise in value.
- Click on TAKE PROFIT to set your TP according to a specific rate in the market. Type a rate, or use the + and - buttons to adjust the TP one pip at a time. In this example, the TP is set to a rate of 2,635.23. So if the price rises to 2,635.23, the Take Profit will trigger and close the position automatically.
- You can also click the AMOUNT button to view and set the TP as a monetary amount. In this example, a TP rate of 2,635.23 is equivalent to $500 – that means that if the trade gains $500, the Take Profit will trigger and close the position automatically.
- Because this is a non-leveraged BUY position, you have the option to click on No TP to remove the Take Profit completely.
You can adjust the Take Profit 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 TAKE PROFIT. If there is currently no Take Profit and you wish to add one, click Set TP.
- Adjust your Take Profit setting.
- Click Update in order to save the change.