Which would I use to automatically set a TP when an order is activated? For example I had a sell order activated and planned on closing it manually at 25 pips but was away from the screen at the time. Price bounced up and I was at least able to close at breakeven manually.
Should I use limit order or stop order to automatically set 25TP as soon as my buy order was activated?
All the platforms I have used offer a very obvious button for setting a stop-loss or TP at the same time as you set an entry order. You don’t normally need to open another order box and set an opposing order as a stop-loss or TP. Surely yours offers this too?
Always set a stop-loss. Where you put it is for another discussion. Setting a TP is a matter of greater choice.
Thank you but I don’t think that answers my question. The screenshot I attached is what I normally see when I initially set an order (This is on IG broker).
What I’m wondering is which of those 2 options at the bottom do I use to automatically have TP set once price hits my order in the case I wasn’t at my screen at the time.
It seems that TPs are only for trades that are opened manually. Click the ¨trade¨ button, and you’ll see ¨take profit¨. You may be able to use ¨limit order¨as TP, though. Try it out!
If you have doubts, call IG Support. The Call Center is more versed about the platform than anyone on babypips.