Forex trading does not need to be an overly complicated endeavor. With the right set of tools, like stop loss and take profit signals, you can easily manage a portfolio that is dependent on Forex trading. Let’s take some time to explain stop loss and take profit signals and how they are crucial to success within a copy signal platform like telegram.forex.
An advance order known as a stop-loss is used to limit the amount of loss that can be incurred from a forex trade. It is an excellent method of limiting your losses, putting discipline into your trading, and enhancing your trading mentality. A stop loss can either be manually set on your trading account via MT4/MT5 or it can be a mental stop loss (one you are thinking about). A change in the value of SL will impact your account’s risk depending on your position size.
The purpose of a take profit is the same as a stop loss: when a certain price is reached, you lock in your gains. A Forex trader using set risk management may have a fixed SL/TP level based on a risk/reward ratio of 1:2, a stop loss of 100 pips and a take profit of 200 pips. In today’s market, partial take profits are also very popular since they give clients the option of locking in some profits when the price reaches a particular target, while letting the other trade run toward TP2 or TP3.
Forex traders place a great deal of importance on SL/TP targets. A trader who does not use these factors will often blow their account. They are the primary components of a risk management strategy. A forex trader needs to understand the importance of SL and TP when opening a new account with telegram.forex.
How does Telegram’s stop loss and take profit feature work?
Within Telegram, you can edit SL/TP settings by clicking on the Adjust Stop Loss/Take Profit button. You can manage trading accounts easily with our copy trader’s SL and TP settings.
- Copied orders can be opened without SL/TP
Choosing this option will allow you to copy all incoming orders without setting the stop loss and take profit values.
- At Source Price SL/TP
You can copy orders with the same stop loss and take profit from the source account as long as you set SL/TP exactly at source account prices (even if entry prices differ). Mirror trading software will set SL/TP at the same price regardless of the entry price, even if it differs by a few points.
- Fixed SL/TP
A useful feature of the fixed SL and TP values in the auto trade copier is the ability to set a custom stop loss and profit amount. Hence, the values from the source account will not be taken into account. The pip value of non-JPY and JPY pairs is also considered.
For example, you place a buy order on EUR/USD at 1.18500 with a 60 pips take profit and a 30 pip stop loss (1.18200). Selecting custom values for SL/TP in Telegram trading software, you set a 10-pip stop loss (1.18400) and a 20-pip take profit (1.18700); then, these values will be taken into account. Source account submissions will be ignored.
Telegram’s SL/TP feature offers a number of benefits
In Forex Copier, the SL/TP feature provides the following benefits:
- By using the custom SL/TP feature, you can manage your risk more effectively on your accounts with lower equity.
- Better account growth is ensured when profits are locked in before prices turn back.
- In addition to managing your SL and TP, you can concentrate more on other aspects of trading, such as psychology and journaling.
- By copying stop losses, you’ll never end up with a drained account.
- Suitable for all types of automated copy trading.
There are many benefits to using the SL/TP feature, including risk management and account growth. It facilitates the management of multiple Metatrader® accounts. Traders of all levels can benefit from telegram.forex, whether they are novices or professionals.