Stoploss and Take profit are the advanced orders that help traders manage risk and optimize strategy return. They are useful both in cutting your losses at the right points and closing profits. Most users can't even think of making a strategy without adding them.
At Mudrex, we provide you with a simple one-click tool to add stop-loss take-profit to your strategy.
How to add stop loss/take profit
1. Click on the stop loss block
2. Add the stop-loss % where you want to or chose from a variety of different stop losses. You can read more about how Simple, Fibonacci and demark pivot points work here.
3. For Take profit, you also need to specify the Trailing length.
How does Trailing work?
You bought 1 an asset for $ 100 and set up Take Profit + 5% with the expectation that the deal will close when the forecasted $105 price is reached. With Trailing TP, if the price continues to rise, you will not be stopped at $105 and your trade will only close when the price starts falling. Trailing limit here is the trail distance from the last peak before fall. Read more
4. Simply press 'OK' and the setting will get applied!