Setting stop-loss and take-profit levels on TradingView

Setting stop-loss and take-profit levels on TradingView

Setting stop-loss and take-profit levels on TradingView is a straightforward process. Here’s how you can do it:

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**1. Open a TradingView Chart:**
– Log in to your TradingView account and open the chart for the instrument you want to trade, such as GBP/USD.

**2. Draw a Long or Short Position:**
– Click on the “Trading Panel” icon located at the bottom of the chart.
– In the trading panel, select either “Long” or “Short” to initiate a buy or sell position, respectively.

**3. Set Stop-Loss and Take-Profit Levels:**
– After opening a position, you can set stop-loss and take-profit levels directly from the trading panel:
– **Stop-Loss:** Click on the “SL” button and enter your desired stop-loss price level. This is the price at which your position will automatically close to limit potential losses.
– **Take-Profit:** Click on the “TP” button and enter your desired take-profit price level. This is the price at which your position will automatically close to lock in profits.

**4. Adjust Stop-Loss and Take-Profit Levels:**
– You can adjust stop-loss and take-profit levels by clicking and dragging the stop-loss and take-profit lines directly on the chart.
– Alternatively, you can modify the stop-loss and take-profit levels from the trading panel by clicking on the “Edit” button next to the respective level and entering a new price.

**5. Confirm and Execute the Order:**
– Once you’ve set your stop-loss and take-profit levels, review your order details in the trading panel to ensure accuracy.
– Click on the “Place Order” button to execute your trade with the specified stop-loss and take-profit levels.

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**6. Monitor Your Position:**
– After executing your trade, monitor your position on the chart.
– Your stop-loss and take-profit levels will be displayed as lines on the chart, making it easy to track their progress.

**Note:**
– Ensure that your stop-loss and take-profit levels are set at logical price points based on your trading strategy, risk tolerance, and market conditions.
– Remember that stop-loss and take-profit orders are executed automatically when the specified price levels are reached, even if you’re not actively monitoring the market.

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