You can place a stop loss or take profit order on a position that is already open or on another pending order. When the pending order is filled, the stop loss / take profit price will apply to the resulting position.

If you have already created position, to set a stop loss or take profit price:

1. Right-click on the position or the order and select Modify Position. Check Stop Loss or Take Profit or both these checkboxes. Either dialog box can be used to set both the stop loss or the take profit price.

2. Specify the stop loss/take profit price by using either the up and down arrows or by typing the price in. The Approximate loss shows your profit/loss if the position is closed at the stop loss price. The Approximate profit shows your profit/loss if the position is closed at the take profit price.

For example, the above figure illustrates setting a stop loss price of 0.8792 for a position in AUD/USD that, when closed at the stop loss price, will result in a loss of USD 108.74. 

When you open the Order Entry panel using the shortcut menu, the instrument selected in it is the one you right-clicked. To quickly change the instrument, drag the desired instrument from any panel to the Order Entry panel. Keeping the Order Entry panel open at all times, consider linking the Order Entry panel to the Watchlist so as to have the instrument you select in the Watchlist automatically selected in the Order Entry.

3. Click the Modify button. After your request is processed, a server report appears, and the specified price appears in the SL or TP column of your Positions or Orders panel.

You also can modify SL ro TP price by double-clicking on corresponding columns. Enter SL and TP price directly to Position panel.

Removing a Stop Loss or Take Profit Price

To remove a stop loss/take profit price, right-click on the position or the order and select Modify Position. Uncheck Stop Loss or Take Profit or both these checkboxes to remove. You also can remove SL and TP price by double-clicking on corresponding columns and pressing .

Viewing Stop Loss and Take Profit Orders

Setting a stop loss or take profit price essentially places a close order that you can view in the Orders panel along with your open orders.

To display the stop loss and take profit orders, right-click in the Orders panel and select Show Close Orders (SL/TP). Once your close orders are shown in the panel, you can modify and cancel them just as you would with open pending orders.

Trailing stop orders

One way to protect gains and limit losses automatically is by placing a trailing stop order instead of stop loss order. A sell trailing stop order sets the stop price at a fixed amount below the market price with an attached "trailing" amount. As the market price rises, the stop price rises by the trail amount, but if the stock price falls, the stop loss price doesn't change, and a market order is submitted when the stop price is hit. "Buy" trailing stop orders are the mirror image of sell trailing stop orders, and are most appropriate for use in falling markets.