Stops and Limits

Our open position is currently exposed, as it does not have an active stop or limit. Let’s go ahead and enter both a stop and a limit to our order. This can be done by either:

Right-clicking on the open position in the Open Position window and selecting Stop or Limit:

… Or directly off the chart.

Step 1

Right-click on the blue label that represents our current market order position, and select Stop.

The color of the label turned blue because the profit/loss for the position is positive. 

Step 2

When you click Stop, a Stop Order window will appear.

Here we will enter the rate that we would like to have our position closed to stop any further losses. Since our current position is a BUY (long) position, the stop price will have to be below the market rate.

Delta P/L: Shows the total potential loss incurred from the current market position if the stop is executed at the specified rate.

Total P/L: Shows the total potential loss from when the original order was initiated to when the stop is executed at the specified rate.

Trader’s Range: The number of pip deviations from the specified rate that you are willing to accept the stop order if the rate is not available. Leaving it at zero will accept the first price near the specified rate that becomes available.

Step 3

Let’s leave the Trader’s Range at zero, and enter a stop price that is about 20 pips lower than the market price.

Step 4

Click Submit, and then OK to confirm the order.

On the chart, the stop will appear as a horizontal orange line running through the stop price indicated by a yellow stop label.

You will also see the stop appear in the Open Positions window under “Stop”.

Let’s now enter a Limit for our order in the same manner as we entered the Stop.

Step 1

Right-click on the blue or red label that represents our current market order position, and select Limit. (As with the Stop, this can also be done by right-clicking on the position in the Open Positions window).

Step 2

A Limit Order window will appear.

Here we will enter the rate that we would like to have our position closed to limit our profits. Since our current position is a BUY (long) position, the limit price will have to be above the market rate.

Delta P/L: Shows the total potential profit from the current market position if the limit is executed at the specified rate.

Total P/L: Shows the total potential profit from when the original order was initiated to when the limit is executed at the specified rate.

Trader’s Range: The number of pip deviations from the specified rate that you are willing to accept the limit order if the rate is not available. Leaving it at zero will accept the first price near the specified rate that becomes available.

Step 3

Let’s leave the Trader’s Range at zero, and enter a limit price that is about 20 pips higher than the market price.

Step 4

Click Submit, and then OK to confirm the order.

We now have a full order.

Stops and Limits for an opened position can be edited right-clicking on their respective labels on the chart and selecting Change. You may also left-click and drag the horizontal lines which correspond to your stop and limit price to any desired level on the chart.