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Username: Peter Rating:  Asked to: Chaoxiang Lee Date Created: 22 Dec 2014 |
| Category | 17 |
| Tag | Forex |
| Question | What is a take profit? |
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Hi Peter, A take profit is an order that closes a deal automatically once it reaches a certain level of profit. This type of order works as a stop loss but the latter fixes the price in order to reduce losses whereas a take profit is aimed at getting a profit. A take profit level is forecasted beforehand and set at the moment of opening a new deal by exact number of pips. In other words, traders calculate an interval the price should pass and then they place a take profit order according to their expectations. Thus, they fix the achieved profit level. When the set level is reached, the trades are automatically closed locking in profit. |
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