How to add order instructions to close trades automatically: take profit, stop losses and trailing stops
1. What are take profit, stop loss and trailing stop orders
You can add pending orders to your open trades to close them automatically if certain conditions are met. These orders help you manage risk if the market moves suddenly.
- Take profit – to close trades if the market rate reaches a specified value and lock in your profits
- Stop loss - to close trades if the market rate reaches a specified value and therefore limit your losses
- Trailing stop - to close trades if the market price moves against you over a specified distance
2. Understanding the risks with pending orders
During volatile market events and upon market opening/closing times, prices may jump significantly between the previous and the next available price available on the market. Pending orders execute at the first available price when your pre-specified price is touched or crossed, it is therefore possible to generate a higher than intended profit/loss. This phenomenon is often referred to as slippage or price gapping.
It is important to keep in mind that pending orders cannot be guaranteed in price and slippage or price gapping is an unavoidable risk for all participants in the market.
3. How to modify your trade with risk-management orders
To place a new market or entry order with stop loss and take profit pre-set on it refer to How to place a market order and ‘How to place an entry order’ FAQ.
Select how you wish to trade:
- OANDA Desktop Trading
- OANDA Web Trading
- MT4 desktop
- iPhone
- Android
- iPad
OANDA Desktop Trading
Below is a list of steps to modify your trade with risk-management orders.
1. Click the Trades tab
2. Click the trade that you wish to modify
3. Click MODIFY
4. You can add/change the take profit, stop loss and trailing stop to a desired level
5. Click Submit to complete the change
OANDA Web Trading
Below is a list of steps to modify your trade with risk-management orders.
1. Click the Modify icon beside your desired trade
2. You can add/change the take profit, stop loss and trailing stop to a desired level
3. Click Save Changes to complete the change
MT4 desktop platform
Below is a list of steps to modify your trade with risk-management orders.
1. Double click your order in the TradeA trade is the actual execution of buying or selling an asset, resulting in a completed transaction. tab
2. Under Type click Modify OrderAn instruction to buy or sell an instrument under the specified conditions
3. Enter your desired take profit and stop loss levels in terms of ‘points’ and then click Copy as to confirm OR
4. Enter your desired take profit and stop loss levels in terms of price
5. Click Modify to complete the change
OANDA Mobile Trading: iPhone
Below is a list of numbered instructions and corresponding images that help you to modify your trade with risk-management orders.
1. Press PortfolioA collection of financial instruments held by an investor or financial institution.
2. Press Trades to view your open trades
3. Press to select your desired trade
4. Press the Modify button
5. Press to add/change the take profit, stop loss and trailing stop
6. Select to set the target level in terms of ‘PIPSmallest price movement in a currency pair, usually measured to the fourth decimal.’ or Price, and enter the value
7. Press Submit when you are done editing
8. You will be prompted to complete modifying your trade, press Modify Trade to complete the change.
OANDA
Mobile Trading: Android
Below is a list of numbered instructions and corresponding images that guide you through modifying your trade with risk-management orders.
1. Press Portfolio
2. Press Trades to view your open trades
3. Press to select your desired trade
4. Press the Modify button
5. Press to add/change the take profit, stop loss and trailing stop
6. Select to set the target level in terms of PIP or Price, and enter the value
7. Press Submit when you are done editing
8. You will be prompted to complete modifying your trade, press Modify Trade to complete the change.
OANDA
Mobile Trading: iPad
Below is a list of numbered instructions and corresponding images that will help you modify your trade with risk-management orders.
1. Press Trades to view your open trades
2. Press to select your desired trade
3. Press the Modify button
4. Press to add/change the take profit, stop loss and trailing stop
5. Select to set the target level in terms of PIP or Price, and enter the value
6. Press Submit when you are done editing
7. You will be prompted to confirm your trade, press Modify Trade to complete the change.
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