How to Add Options to Close Trades Automatically
You can watch your trades and wait for the best time to close them, but you don’t need to. Instead, you can add orders to close them automatically if certain conditions are met. These orders help you manage risk if the market moves suddenly against you.
Trades, including limit orders such as stop-losses and take-profits, are executed at current market rates. In a fast moving market, there may be a gap between the current market rate and the rate you set for your stop-loss or take-profit. If your stop-loss is triggered when trading resumes on Sunday, the current market rate may be lower than your stop-loss rate -- resulting in additional losses.
Modify your trade with risk-management orders:
Click the Trades tab.
Click the trade.
You can change the following options:
Stop Losses and Take Profits close trades if the market rate reaches a specified value. They are designed to stop your losses or lock in your profits at a level you’re comfortable with.
Trailing Stops allow trades to continue to add unrealized value when the market price moves in a favorable direction, but automatically close trades if the market price suddenly moves in an unfavorable direction by a specified distance.