Step 16. How to Set a Take Profit in Trading

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OBJECTIVE

In this video, I walk you through the process of setting a take profit (TP) in your trades, both on desktop and mobile. I demonstrate how to click and drag the TP line to your desired profit level, ensuring you can set it up easily alongside your stop loss (SL). I also highlight the importance of having a take profit in place, as it allows you to manage your trades without constantly monitoring them. Remember, once the price hits your TP, you'll receive a notification about your profit, which in this example is plus $5.03. I encourage you to practice setting your TP and SL to enhance your trading strategy.

Introduction to Take Profit 0:00

  • Overview of the video topic: Setting a take profit in trading.
  • Importance of take profit in managing trades.

Setting Up a Trade on Desktop 0:06

  • Begin by entering a trade on the desktop platform.
  • Ensure a stop loss is already set.

Adding a Take Profit on Desktop 0:19

  • Locate the TP (Take Profit) button on the trading interface.
  • Click and drag the TP line to set your desired take profit level.

Adjusting Take Profit Position 0:49

  • If you click off the chart, the red square indicating the TP will disappear.
  • Click on your position to bring back the TP indicator.

Understanding Take Profit Functionality 1:32

  • Explanation of how take profit works: it automatically closes the trade when the price hits the target.
  • Example of potential profit from the trade.

Benefits of Using Take Profit 1:48

  • Allows traders to set trades and walk away without constant monitoring.
  • Provides a clear measurement of risk versus reward.

Setting Take Profit on Mobile 2:04

  • Instructions for exiting the trade and setting up a new trade on mobile.

Adjusting Take Profit on Mobile 2:24

  • Demonstration of tapping and dragging the TP on the mobile interface.

Final Adjustments and Confirmation 3:12

  • Confirming the take profit position by letting go of the drag.
  • Explanation of how to bring back the TP indicator if it disappears.

Conclusion 4:07

  • Recap of how to add and adjust a take profit on both desktop and mobile.
  • Encouragement to apply the knowledge in future trades.
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