What are the first words that come to mind when you think of ZuluTrade?Is it autotrading? Social Trading? Transparency? Innovation? If the answer is all of the above, then you are on the right track! One of our keywords is innovation and we always try to implement new cutting-edge features that will make your trading experience easier! Let’s see how we put this into practice with the Stop and Limit settings.
Setting a Stop Loss (SL) and Limit/ Take Profit (TP) value is central in Forex trading, as these settings are used to minimize losses and secure profits. To set either of them on most trading platforms you need to indicate the market rate that once reached will close your trade. We had already changed that and simplified matters by allowing our users to set the SL or the TP in pips instead of choosing the critical rate but now we have taken simplicity a step further!
Now the ZuluTrade users have not just one or two, but three setting alternatives! They may namely indicate a target rate for the Stop or the Limit or indicate a value in pips or.. a monetary value! That’s right, our users may now indicate the monetary amount they wish to lose or win before their trade is closed by Stop or Limit Hit, respectively:
To set a monetary amount for Stop Loss or Take Profit, users just need to log in to their account, go to the Position tab, where all open trades are listed and click on either the Stop or the Limit column. A new pop-up window will then appear where users may set the acceptable loss or desired profit respectively, in the base currency of their account:
Happy trading ZuluTraders!
Disclaimer:
In volatile, or fast moving market conditions, Stop and Limit orders
become market orders to be filled at the prevailing price, which may be
vastly different from the desired price. Due to this, there may be
substantial losses. Stop-loss or Limit orders do not always guarantee a
fill.
This blog content is written for educational purposes and does not contain any investment advice.
Depending on your region some of the features presented in this blog may not be available.