Resolved Question
How to place a stop loss and take profit
pz i wanna know how to place a trade with a stop loss and take profitthanks 4 anny ans
about 1 year ago
Best Answer - Chosen by Voters
As a trader, you would want to secure your profits by placing a take profit order. For a long and discretionary trade using technical and/or fundamental analysis, you would want to place a take profit order at any significant price level since traders usually keep their eyes on these levels. On the other hand, to be able to cut your losses, you should also place a stop loss order. A stop loss for a long trade is usually placed below a significant support level while a stop on a short trade is set above a significant resistance level.
You should also remember that you should have at least a 1:1 risk reward ratio.
about 1 year ago
Answers (1)
If you're taking a long trade, you should look out for the next resistance levels at which you can place your profit target. This could be at the pair's recent highs, historical resistance levels, or psychological levels. You can set your stop a few pips below the closest support level below your entry.
If you're taking a short trade, you should look out for the next support levels at which you can place your profit targets. In contrast to that of a long trade, these could be at the pair's recent lows, historical support levels, or psychological round numbers. You can then set your stop a few pips above the closest resistance level above your entry.
about 1 year ago
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