Setting up pending orders, stop loss orders (SL), and take profit orders (TP) is a very common trading operation when using the Exness platform for trading. However, there are some important rules to follow when performing these operations to ensure the effectiveness and risk control of your trading strategy. Let's learn together about the rules to follow when setting up pending orders, stop loss orders, and take profit orders.
1. Set up order placement rules:
Hanging order price: The price of the hanging order should be set at a certain distance from the current market price, which cannot be less than the current spread. This is to prevent unnecessary impact of short-term market fluctuations on your pending orders.2. Set stop loss order (SL) rules:
The distance between the stop loss price and the order price: The stop loss price should maintain a certain distance from the order price, which cannot be less than the current spread. The purpose of this rule is to prevent short-term market fluctuations from causing your trades to be stopped prematurely.
The distance between the stop loss price and the current market price: If you already have a position, setting the stop loss price between the current market price and the stop loss price cannot be less than the current spread. This can ensure that your stop loss trigger is not affected by market fluctuations.
3. Set profit taking order (TP) rules:
The distance between the take profit price and the order price: Similar to stop loss orders, the take profit price should maintain a certain distance from the order price and cannot be less than the current spread. This rule can prevent your transactions from being taken advantage of too early.
The distance between the take profit price and the current market price: Similarly, if you already have a position, set the take profit price between the current market price and the take profit price, which cannot be less than the current spread. This can ensure that your profit taking will not be affected by drastic market fluctuations.
Following these rules can help you better control trading risks and develop effective trading strategies. Of course, you should also make flexible adjustments based on your trading style and market conditions. The Exness platform provides an easy-to-use trading interface and powerful trading tools, allowing you to set up pending orders, stop loss orders, and take profit orders according to the above rules, and better manage your trades. Remember, staying calm and cautious during the trading process will help you achieve a better trading experience and results.
