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.
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.
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.
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.
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.
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.
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.
Over the years, I've developed some strategies:
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.
|Take-Profit on Open Trades
|Take-Profit on Pending Trades
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.
It took me a while to realize that eToro's design ensures we traders have a clear view of our active positions.
Thankfully, eToro doesn't charge for setting Take Profit orders, though standard trading fees apply.
Absolutely! I've done it multiple times as market conditions change.
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.
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