How to Set Stop Loss (SL) and Take Profit (TP) on an Open Trade

trader2B^® Help & Learning / Trading Platforms

You can set a Stop Loss (SL) or Take Profit (TP) on an existing open position by placing a pending order in the opposite direction of your trade.

The order type you need depends on whether you want to close the position at a higher or lower price than the current market price.

1. Setting SL and TP on a Buy Position

If you have an open Buy position:

Stop Loss (SL): Place a Sell Stop order below the current market price to close your position if the price falls to your stop level.
Take Profit (TP): Place a Sell Limit order above the current market price to close your position if the price reaches your target.

Example:

You have an open Buy position of 100 units at 1.1000.

If you have an open Sell position:

Stop Loss (SL): Place a Buy Stop order above the current market price to close your position if the price rises to your stop level.
Take Profit (TP): Place a Buy Limit order below the current market price to close your position if the price reaches your target.

Example:

You have an open Sell position of 100 units at 1.1000.

Cancel the remaining order: If you use separate pending orders to manage your SL and TP, cancel the other order as soon as one order executes and closes your position. This helps prevent an unnecessary order from opening a new position or creating unwanted exposure.
Check the order quantity: Make sure the quantity matches your open position. If you are closing only part of the position, adjust the quantity accordingly.
Monitor your orders: Pending orders may not execute at the exact requested price due to slippage or market conditions.