Stop Loss

[Supa]

Hi. Does a stoploss work in both directions? I know it can exit a position to prevent further loss, but what about taking profit on a trade when it goes above a certain level? Thanks.

[DEP]

Yes, It works both ways... just set you price fixed or trailing.

[BC02]

Before you enter a trade you need to determine a target, either through chart patterns or a mechanical approach (depending on what instrument you trade and how you trade). You dont have to take the full amount out at target, you could take half out and then let the other half ride with a trailing stop loss.

But your targets and stop losses are more important than any buy/sell signal. So to answer your question Stop Profit = Target.

[Supa]

Thanks guys, but just to clarify, I will use the same screen as the stop los and just set me 'profit loss' price?

[Russ]

It does offer the option of a stop profit so I assume so.Never used it myself.

[Rams]

easy answer...once you in profit, stop can be set anywhere below ruling price or "closing price" if setting it outside trading hours.if you ignore the "loss" in stop loss, then its easy to work with...