💍 How to setup Take Profit (TP) in Forex Trading?
How to set up Take Profit (TP) in Forex Trading? 💍
"Profit" is the most powerful and magical word in the world of Finance. In the Finance Industry, Investors and Traders always try to make a profit.
You know that if someone is getting profit another side someone who is getting losses from this deal.
Nonetheless, you put your focus on the Stop Loss level for the calculation of Real Profit. Because you are thinking "Oh! yes, I want to make $1000 from this trade." but the reality is not the same.
At the Correct Time, you have to exit from the Trade. if you want to avoid losses from trade which is currently seen as profitable trade.
Because You know that the Currency Market is so volatile and move up and down very frequently. So you have to exit from Trade with decent profit booking.
I always said, "Trader is the person, who already knows his exit point before placing an actual trade-in system.".
The calculation for putting Profit Levels before Placing Trade
- Fixed Number of PIPs.
- Risk to Reward ratio.
- Resistance and Support Levels
- Based on ATR levels
- Deep Dip levels.
- Bollinger Bands Levels, etc
I discuss this point a bit later. First, try to learn how to place take profit in software. then I will move to the topic of how to find this level which I can put as a Take Profit level.
How to place Take Profit (TP) in Forex Market?
Take profit level (TP) can be set up with "New Order" or "Buy or Sell" otherwise in case of ECN Account. you can also modify the existing order from the Order List.
Take Profit Level in MetaTrader4 Software (MT4)
Take profit level can be set up using bot MT4 trading software and MT4 Trading app also.
For Computer Users:-
|Take Profit Level setup in MT4|