Stop Loss and Take Profit levels are set under Money Management when you create or update a trading strategy. These two rules may be triggered by:
- Amount: the profit or loss, in deposit currency
- PIPs: percentage in point
You can set them individually or together. When setting both of them at the same time, your Stop Loss or the Take Profit will be taken on the one that comes first.
'I cannot see my Stop Loss or Take Profit in MT4'?
If you have included a Stop Loss or Take Profit in your strategy it will be exercised as part of the regular monitoring of your strategy.
As we store Stop Loss and Take Profit values in Tradeworks they are not displayed in MT4. We do this to ensure that your broker cannot see where your Stop Loss and Take Profit Levels are.
When the Stop Loss or Take Profit level, either in “Amount” (Deposit Currency) or in “PIPs” - which ever is first - is breached, the position is closed at the market price.
Technical Stops is another upcoming feature in Tradeworks, which will allow for positions to be closed based on rules similar to signal rules.
If you are interested in being a beta tester of this feature, please write to our feedback forum.