User-Friendly Platform Educational Resources Social Trading Features
Wikitoro author Nick Zelver Written by Nick Zelver
Wikitoro fact checker Wikitoro Team Fact checked by Wikitoro Team
Updated Feb, 2024

No, on eToro you cannot set a Take Profit order on pending trades. You must first open the trade to set a Take Profit order. To include a Take Profit, cancel the pending market order and place it again with the desired Take Profit setting.

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76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.

 

Understanding eToro's Trading Mechanism

Having been an active trader on eToro for several years, I've come to appreciate its unique blend of traditional trading with a social twist. The distinction between open trades and pending trades is crucial. While open trades are positions I've actively taken in the market, pending trades are those I've set to execute under specific conditions.

 

What is a Take Profit Order?

A Take Profit order, as I've learned through my trading journey, is a pre-set order to sell a security once it reaches a certain price. It's been a lifesaver for me, ensuring I don't miss out on favorable market conditions and automatically locking in profits.

 

Setting a Take Profit Order on Open Trades

One of the first things I did after my initial trades on the platform was to set an eToro Take Profit order. It's straightforward: go to the 'Open Trades' tab, select the trade, and click 'Edit'. From there, I could easily set my desired profit point.

 

The Limitation of Pending Trades

I remember the first time I tried to set a Take Profit order on a pending trade and realized eToro doesn't allow it. It was a bit frustrating, but I came to understand that this design ensures traders like me have clarity over active positions before setting profit targets.

 

How to Modify a Pending Trade?

I've been there, wanting to add a Take Profit order to a pending trade. The solution? Cancel the pending order and place it again. It's an extra step, but it ensures I can add that crucial Take Profit setting.

 

Best Practices for Using Take Profit on eToro

Over the years, I've developed some strategies:

  • Stay Updated: I always keep an eye on market news directly from the eToro app and adjust my Take Profit orders accordingly.
  • Pair with Stop Loss: I've found that using eToro Stop Loss in conjunction with Take Profit is a game-changer.
  • Regular Reviews: Every week, I review my settings to ensure they align with my current trading strategy.

 

Comparing eToro with Other Platforms

Having tried multiple platforms, eToro stands out in many ways. However, when it comes to setting Take Profit orders on pending trades, some platforms offer more flexibility. It's essential to find what works best for your trading style.

Comparison of brokers' Take-Profit orders on pending trades
BrokerTake-Profit on Open TradesTake-Profit on Pending Trades
eToro✔️
Plus500✔️✔️
AvaTrade✔️✔️

 

Frequently Asked Questions from My Trading Journey

Throughout my time trading on eToro, I've encountered various challenges, made discoveries, and learned valuable lessons. Naturally, I've had numerous questions along the way. Here, I've compiled some of the most common queries I had, hoping they might resonate with and assist fellow traders.

Why can't I set a Take Profit on a pending trade on eToro?

It took me a while to realize that eToro's design ensures we traders have a clear view of our active positions.

Are there fees for setting a Take Profit order on eToro?

Thankfully, eToro doesn't charge for setting Take Profit orders, though standard trading fees apply.

Can I adjust my Take Profit order?

Absolutely! I've done it multiple times as market conditions change.

 

Conclusion

Trading on eToro has been a learning curve, and while there are some limitations, the platform's features and user-friendly interface make it my top choice. Understanding the nuances and using the tools wisely has been key to my trading success.

 

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.

Copy Trading does not amount to investment advice. The value of your investments may go up or down. Your capital is at risk.

Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply. Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment, and you should not expect to be protected if something goes wrong. Take 2 mins to learn more.

eToro USA LLC does not offer CFDs and makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared by our partner utilizing publicly available non-entity specific information about eToro.

Wikitoro author Nick Zelver About Nick Zelver

Nick is the Senior Content Editor at Wikitoro.org with over 15 years in online marketing. A graduate of Toronto Metropolitan University, he has strategized for More Sales Inc. and led online sales at GlassesUSA.com. His journey through digital marketing, e-commerce, and account management has equipped him with a unique perspective. Every article he pens is infused with his real-world experiences, aiming to guide and inform readers.

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