How to set the stop loss to guide: how to set the stop loss, take profit on the phone. Like setting the stop loss, take profit is an essential operation when trading on any platform. Setting stop loss, take profit for the trade helps you not to worry about open trade and still achieve trading efficiency according to the initially defined strategy. This article will guide you on setting up stop loss and taking profits when using plan on your phone.

Why do you need to place a stop-loss order when trading

A Stoploss order (also known as a stop-loss or stop-loss order) is a type of order that automatically closes an open trade when the price goes against your expectations at a specific level that you have previously set. Stop-loss is an effective risk management tool. It is designed to limit investors’ losses when they cannot monitor their portfolio 24/7.

For example, you own 1 share of A. The current price is $69. To make sure you don’t lose when the stock goes down, place a stop-loss order at $67.

After a while, stock A dropped to $67. When you are a stock trade is automatically closed, you will receive $67 in your account.

On the platform, a stop-loss order for a buy trade is executed when the sell price reaches the stop-loss previously set to automatically close the sell order.

In contrast, a stop-loss order on sell trades is executed when the buy price reaches the stop-loss price and an automatic closing of the sell order is executed.

How to take profit orders works on

Similar to a stop-loss order, a take-profit order helps you execute your trading strategy automatically. The take-profit order is an automatically activated order that helps you close the trade when the price moves in the right direction and has reached a preset profit level.

For example, you own A shares. The market price is $69. You want to close this trade when the price reaches $75. Reach your take profit order at $75.

Subsequently, the market recovered, A share reached $ 75. Your trade is closed automatically. Raise $75 from your account.

On the platform, a Take profit order for a Buy trade is executed when the Ask price reaches the take profit level previously set to automatically execute the closing of the order.

In contrast, take profit orders on sell trades are executed when the bid price reaches the take profit level and the sell order closes automatically. guide: how to set the stop loss, take profit on the phone.

To place a take profit order on your phone, do the following:

Step 1: Click on the [Wallet] tab, select [Operations]

Step 2: Choose the trade you want to place a stop loss, take profit

Step 3: Enable the [Stop Loss] and [Take Profit] buttons

Step 4: Fill out the stop loss, take the profit levels according to your trading strategy and click [Confirm]

Conclusion: Guide

Using a stop-loss order prevents you from taking too many risks while trading. In particular, using a combination of stop-loss and take-profit orders helps you not to be emotionally affected while trading. So, it would be helpful if you found a trading opportunity, set a stop loss, took profit, and let the market work without worrying too much about whether the market is going in the direction you want or not.

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