stop loss and take profit

Stop Loss and Take Profit: What are they, and why do you need them?

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.

In conclusion

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.