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Thread: Please help with 'stop loss' and 'take profit' functions

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    Piplet Dearly Beloved's Avatar
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    Question Please help with 'stop loss' and 'take profit' functions

    Hi everybody!
    I'm new to Forex. I've lost all my money some minutes ago cuz I didn't set up the 'stop loss' function in MT4. I didn't do it, cuz I don't know how to do it.
    Can anyone explain me 'stop loss' and 'take profit' functions? How do they work and why should I use them?
    Thank you all beforehand!..

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    Director of FXOpen Aus FXOjafar's Avatar
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    Its easy to set up a stop loss. Just right click the open position, select modify and set the stop loss level you desire. Stop loss is a good thing. It stops you from losing all of your account.
    Jafar Calley - Director
    FXOpen AU Pty Ltd
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    In Profit condor666's Avatar
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    After you've put your stoploss, you can put a trailing stop on your order by right clicking on it and choosing trailing stop.
    But you will probably have one question : what is a trailing stop ?
    I'll explain :
    Ex.: you put a trailing stop to 25 pips, at the moment you're looking your chart you are in profit for 75 pips, but it is possible that you can gain more, so the trailing stop will add a stoploss at your highest winning like it climbs to 150 pips so if the chart goes down you will gain 125 pips.

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    Piplet
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    Quite clear thx. Would you use rather trailing stops or take profits ? Or can you combine both (but I can't see how) ?

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    Super Moderator nonamer's Avatar
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    Hi

    I just add information about trailing stops
    -----------------------------------

    To use trailing stops u meta4 need to online after activate, if u meta4 off, u trailing stops doesn't work/active . U need to set-up again after u online back u meta4.
    U can start u trailing stop from s/l price or from open price if u open position dont have any s/l.

    Thanks

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    well i think i know...
    stop loss for the target that you wanna to loose it and takeprofit is the target that you wanna to get....
    hehhe sorry if im wrong...

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    as i know the stop losses should be 30 pips after after the last resestance or the last support you have to now the supp and the resestance you can use the zegzag indecator from the custom idecators on the h4 chart

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    In Profit forexdude's Avatar
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    you lost al your money !!!!!!!!!!

    why didnto you opened a demo account first

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