Stop-loss and Take profit are two necessary features available on eToro. While the Stop loss is a tool to minimize the loss when the price does not move in the desired direction, take profit is used to automatically close a trade at a specific rate that you are happy to close an order for a profit.
To set up Stop Loss & Take Profit on eToro, follow the step-by-step instructions below:
How do I set the Stop Loss?
1. After entering other parameters (amount, leverage), click “STOP LOSS”.
Then set the Stop loss based on a specific amount by typing a number or using the + and – buttons to adjust the Stoploss one pip at a time.
In this case, the Stop loss is set to -$100. It means that the position will be automatically closed if the trade loses $100.
2. Click “Set Order” or “Open Trade” to complete.
How do I set up take profit?
The steps to place a Take profit order are similar to those of Stoploss.
After clicking “TAKE PROFIT”, set Take profit based on a specific AMOUNT by typing a number or using the + and – buttons.
In this example, Take profit is set to $400. It means that if the trade earns $400, the position will be automatically closed and the profit amount will go to your available balance.
notes:
You can also set up Stoploss and Take profit based on a specific rate in the market by clicking the RATE button.
For example, I set an SL to a speed of 2500. So, if the price drops to 2500, the Stop loss will activate and close the position automatically.
By combining Stop loss and Take profit, you better manage your positions like a pro.
While trading on eToro, if you want to adjust stop loss and take profit, click “Portfolio” > select the relevant trade you want to change and repeat steps 1 and 2 as given above.
Happy trading!
