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Locking in profits


TraderGT1

Question

Hi community, 

Is there a method to lock in profits, e.g. moving your stop loss above your entry to secure some pips in your profitable position? 

From my experience it is not possible to adjust the SL above the minimum set by the (web) platform. 

Thanks in advance.

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10 hours ago, TraderGT1 said:

Hi community, 

Is there a method to lock in profits, e.g. moving your stop loss above your entry to secure some pips in your profitable position? 

From my experience it is not possible to adjust the SL above the minimum set by the (web) platform. 

Thanks in advance.

Hi @TraderGT1,

You should be able to place Limit stop order : https://www.ig.com/ae/glossary-trading-terms/limit-order-definition

The stop will be place at a more favourable price to close your position, while a stop order (stop loss) is a less favourable price.

All the best - Arvin
 

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Thank you for your replies. 

In my example, the deal or order would already be executed. The momentum is a lot better than expected so my TP would be extended further and my SL would be brought up to the next structural level which would lock in profits above my initial entry. 

 

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14 minutes ago, TraderGT1 said:

Hi Andal, 

It's not possible to move the stop loss beyond your entry using that method. 

In your example, you entered at 193.61, current price is 199.85. What I want to do is move my stop to 197.61, thus locking in 4.00 profit.

Hi @TraderGT1

Thanks for reaching out.

Please have a look at the following links: What is a trailing stop and how do I use it? and How do I add a trailing stop to an open position?

I hope this will answer and help you.

 

All the best - MongiIG

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Thank you Mongil,

I've opened a position to confirm that a trailing stop can be added to an open position and it appears it cannot.

The help/ support page for adding.. to an open position doesn't state how to achieve it actually.

In the deal tab I would be creating a new deal, not editing the active deal. This is indicated by the "Place Deal" button seen in the image. 

Screenshot 2022-01-06 192128.png

Edited by TraderGT1
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15 hours ago, TraderGT1 said:

Thank you Mongil,

I've opened a position to confirm that a trailing stop can be added to an open position and it appears it cannot.

The help/ support page for adding.. to an open position doesn't state how to achieve it actually.

In the deal tab I would be creating a new deal, not editing the active deal. This is indicated by the "Place Deal" button seen in the image. 

Screenshot 2022-01-06 192128.png

You should be able to add a trailing stop to an open position from the positions page. You would still have to abide by the minimum stop distance prescribed by the platform. However the idea is that as the market moves in your favour the stop will trail the market to a point where it begins to lock in profits. I believe this to be the only method to achieve your objective. Please see below screenshot. 

All the best, 

Anda

image.png

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On 06/01/2022 at 17:22, TraderGT1 said:

Thank you Mongil,

I've opened a position to confirm that a trailing stop can be added to an open position and it appears it cannot.

The help/ support page for adding.. to an open position doesn't state how to achieve it actually.

In the deal tab I would be creating a new deal, not editing the active deal. This is indicated by the "Place Deal" button seen in the image. 

Screenshot 2022-01-06 192128.png

Hi @TraderGT1

In this video we look at Deal, Order and Alerts as well as the information section. We'll also look at placing a trade and a guaranteed stop. Explanation on trailing stop it starts at 14:08 on the video time.

I hope this platform walk through will help.

 

All the best - MongiIG

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