There are various ways of setting Stop Loss and Take Profit orders in the xStation trading platform, but the most detailed method can be applied in the order window with the help of the inbuilt trader’s calculator.
After choosing the market, volume and direction of the trade you can set a Stop Loss and Take Profit order based on one of a number of figures such as:
In the example above, a 20 pip Stop Loss has been set on EUR/USD market with a 1 lot buy transaction.
In this example, a Stop Loss order has been set on the level of 1.11473 and if the price reaches the Stop Loss level, you would be closed out of the trade automatically at a loss of £151.16, which is 0.15% of the whole invested capital.
Depending on your approach to risk you can set orders that suit your needs without the necessity of making manual calculations. The same method applies to the Take Profit order where you can set the ticket to close your position at a profit once your desired level has been reached.
Additionally, if you did not set a Stop Loss or Take Profit order when placing a trade, you can still modify its conditions. In order to do so, simply find the trade in your ‘Open Positions’ tab.
Once you’ve found the position you’d like to modify, look across to the SL (Stop Loss) or TP (Take Profit) columns and depending on the order you would like to apply, press the + button. After doing so, you are able to set the order based on the price, pips or the monetary value.
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