Stop Loss
A stop loss order automatically closes your position when the price moves against you by a certain amount, limiting your loss.
Example: You buy EUR/USD at 1.1000 with a stop loss at 1.0960. If the price drops to 1.0960, your position is automatically closed, limiting your loss to 40 pips.
Take Profit
A take profit order automatically closes your position when the price moves in your favor, locking in your profit.
Example: You buy EUR/USD at 1.1000 with a take profit at 1.1080. If the price rises to 1.1080, your position is automatically closed with an 80-pip profit.
How to Set SL and TP
When opening a new order:
1. In the New Order window, fill in the Stop Loss and Take Profit fields before placing the trade
On an existing position:
1. Right-click the open position in the Trade tab
2. Select Modify or Delete
3. Enter the new SL and TP levels
4. Click Modify
Best Practices
Always use a stop loss on every trade
Set your stop loss based on market structure (support/resistance), not arbitrary pip amounts
Aim for a risk-to-reward ratio of at least 1:2 (e.g., 40 pip SL with 80 pip TP)
Do not move your stop loss further away from your entry to avoid being stopped out — this increases your risk