The Take Profit order is intended for gaining the profit when the security price reaches to a certain level.

This type of pending order is set for existing open positions, and the relevant open position will be executed at the price specified with “Take Profit” order automatically.

There are mainly two types of pending orders to close existing positions which are “Take Profit” and “Stop Loss”.

“Take Profit” order is used to make sure that you secure the certain profit, and “Stop Loss” is used to limit the loss at the certain level.

The order can be requested only together with a market or a pending order.

This order condition for long positions is checked using the Bid price (the order is always set above the current Bid price), and the Ask price is used for short positions (the order is always set below the current Ask price).

Setting up “Take Profit” order

Take Profit order can be set before ordering a market execution or after opening a position.

The information of both “Take Profit” and “Stop Loss” are registered in your broker’s trading server.

Thus these types of orders will be executed even if your account is disconnected or the platform is closed.

For the list of MT4 and MT5 brokers, please visit the page below.

List of Forex Brokers