What is a Take Profit order?
A ‘Take Profit’ order is used to lock in profits at a specified price, or potentially to limit further losses after a substantial gain.
It can be attached to an order at the time of opening, or you can modify a position and add a take profit at a later time. It can also be attached to a Pending Order.
A Take Profit must be placed above the current market price on Buy positions, and below the current market price on Sell positions.
All ‘Limit’ orders, which includes Take Profit, are executed with ‘Limit Execution’, which means that you will receive your requested price or better. At the time your Take profit is triggered, if a price exists in the market which is in your favour, FxPro will fill you at the better price.
It is not possible therefore, to receive a worse price on a ‘Limit’ order such as Take Profit.
Take profits on long positions will be triggered for execution once the ‘BID’ price reaches your take profit level. Take profits on short positions will be triggered for execution once the ‘ASK’ price reaches your take profit level.