Risk management is one of the fundamental principles in financial trading. By using Take Profit (TP) and Stop Loss (SL), you can automatically manage your trades based on profit targets and risk tolerance.
Take Profit is the price level at which, when the market reaches it, the trade is automatically closed and the profit is realized.
Stop Loss is the price level at which, if the market moves against your prediction, the trade is automatically closed to limit potential losses.
The most important and fundamental way to set Take Profit and Stop Loss is to specify these levels before executing the trade, in the same order form (+).
To learn how to execute a trade on Trendo platform, refer to the [How to Execute a Trade] guide.
In the order form, after setting the trade volume:
In the Stop Loss field, enter the desired price.
In the Take Profit field, enter the preferred price.
If you didn’t set Take Profit and Stop Loss during the order entry, you can add or edit these values using two methods:
a) Through Active Trades Section
Go to the Open Trades section.
Select the desired trade and click Edit.
Enter or modify the Take Profit and Stop Loss values, and save the changes.
b) Through the Price Chart
Open the chart of the desired asset.
Long-click on the price line of the trade.
By moving the lines, set the Take Profit and Stop Loss values.
This method is especially useful for quick trade management in volatile markets.
Slippage: In certain market conditions, the execution price of the order may differ from the set price. This phenomenon is known as slippage and may affect the execution of Take Profit and Stop Loss.
Using Risk Management Tools: It’s recommended to always use Take Profit and Stop Loss to manage your trading risk.
Edit or Delete: After setting Take Profit and Stop Loss, you can still edit or delete these values.
Conditional Orders: You can set Take Profit and Stop Loss for conditional orders as well. These values will only apply once the conditional order is activated.