Types of Orders: Stop Loss and Take Profit Orders
Stop Loss and Take Profit Orders can be included in a pending order or modified on an existing position. After a pending order has been triggered, any input Stop Loss and Take Profit levels will be attached to the open position automatically. Stop Loss and Take Profit orders can only be executed for an open position, but not for pending orders.
Please, note that if a client uses the “Market Execution” to open position(s) he/she cannot add Stop Loss(es) and Take Profit(s) but, the system allows the addition of these parameters to already opened orders with the Modification mode.
This order is used for minimizing losses, once the Financial Instrument price has started to move in an unprofitable direction. If the price reaches the set level, the position will be closed automatically at the current market price similar to Market Order execution. The price when your Stop Loss Order is executed may not always be the price you set. When a Stop Loss Order Level falls to a level at which a Price Gap has occurred, the Order is executed at the Quote which is presented in the Price Flow, once the Price Gap has ended. The Client can place a SL only together with an already open position or a pending order (Limit or Stop orders). If a Stop Loss Order Level is set very close to the pending order open price it may cause the immediate close of the just executed pending order. The Terminal checks long positions with the BID price for meeting of order provisions, and the ASK price for short positions.
The Take Profit order is intended for closing a trade in profit when the Financial Instrument's price has reached a certain level. Execution of this order results in the closing of the position following the rules of a limit order execution. The TP will be closed at the level picked or better, however, in a case with low liquidity, there is the possibility of a partial fill, resulting in part of the position still being open. The Client can place TP only together with an already open position or a pending order (Limit or Stop orders). The Terminal checks long positions with the BID price for meeting of order provisions, and the ASK price for short positions.