How To Set TP And SL In TradingView?

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To set Take Profit (TP) and Stop Loss (SL) in TradingView, navigate to your trade panel, select your desired position, and input the specific price levels for TP and SL. Ensure careful consideration of risk-reward ratios for effective trade management.

In trading, understanding the significance of setting Stop Loss (SL) and Take Profit (TP) levels is needed for managing risks effectively. Stop Loss acts as a safeguard, limiting potential losses by automatically closing a position if the market moves unfavorably. On the other hand, Take Profit allows traders to secure profits by automatically closing a position when a predefined price level is reached.

This article aims to simplify the process of setting TP and SL in TradingView, offering insights and tips to make informed decisions.

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Setting TP and SL in TradingView

Setting Take Profit (TP) and Stop Loss (SL) in TradingView is a critical skill for traders, which seamlessly integrates trade functionality. Traders can strategically manage their positions using TradingView's user-friendly interface.

In TradingView, setting Stop Loss (SL) and Take Profit (TP) is a streamlined process, offering traders two convenient methods for precise trade management.

Tradingview

Via Order Form (Right on the Picture)

On the right side of the platform, you'll find the order form. Here, traders can input specific values for Stop Loss and Take Profit when entering a trade. This method ensures risk management, allowing traders to define their desired exit points right from the initiation of the trade.

Via the Chart (Mouse Pointer on the Picture)

For a more dynamic approach, traders can set SL and TP directly on the chart using the mouse pointer. By hovering over a specific price level on the chart, a visual interface appears, enabling traders to intuitively set their Stop Loss and Take Profit orders.

To utilize these features, it's essential for the trader to connect their TradingView account, whether it's a demo or a real trading account. This connection ensures full leverage of the platform's capabilities.

For a deeper exploration of TradingView's functionalities, we recommend reading the Trading View Review.

Tips for setting TP and SL

1. Implement a Robust Risk Management System

Utilize a risk management system to determine the amount of risk you are comfortable taking on each trade. This systematic approach helps safeguard your capital and ensures prudent decision-making.

2. Set Realistic TP and SL Levels

Avoid setting Take Profit or Stop Loss levels that are overly ambitious or unattainable.

3. Be Ready to Adjust TP and SL Levels

Markets are dynamic, and conditions can change rapidly. Stay flexible and be prepared to adjust your Take Profit and Stop Loss levels as the market evolves.

For further insights into optimizing Take Profits, consider exploring the recommended article: Take Profit: How Do Successful Traders Use Take Profit Orders to Earn More?

To enhance your understanding of Stop Loss strategies, delve into the suggested article: Stop Loss Order.

Can I trade directly from TradingView?

Yes, it's possible to trade directly from TradingView because some brokers offer it as an additional trading platform. This means you can execute trades directly from the TradingView terminal, using its charts and tools to place and manage your trades seamlessly. We compared three brokers that support TradingView to help you choose the best option.

	Min. deposit, $	Regulation	ECN Spread EUR/USD	TU overall score	Open account
Plus500	100	FCA, CySEC, MAS, ASIC, FMA, FSA (Seychelles)		6.83	Open an account Your capital is at risk.
Pepperstone		ASIC, FCA, DFSA, BaFin, CMA, SCB, CySec	0,1	7.17	Open an account Your capital is at risk.
OANDA		FSC (BVI), ASIC, IIROC, FCA, CFTC, NFA	0,15	6.79	Open an account Your capital is at risk.

Conclusion

Setting stop losses and take profits are essential for risk management in forex trading through the TradingView platform. By placing these orders, you can limit your losses if a trade goes against you and protect your profits if a trade goes in your favor.

It is important to note that stop losses and take profits are not guaranteed to execute. Market conditions may prevent your order from being filled at the desired level. However, by setting these orders, you can increase your chances of managing your risk and achieving your trading goals.

FAQs

What is the TP SL rule?

The TP SL (Take Profit and Stop Loss) rule is a fundamental principle in trading that guides traders in setting predetermined levels at which they will exit a trade to secure profits (Take Profit) or limit potential losses (Stop Loss).

How do you set up Profit and Stop-Loss?

To set up Take Profit and Stop Loss, traders can use the order form on their trading platform. Specify the desired price level for Take Profit to secure profits and set the Stop Loss level to limit potential losses.

How do you set TP in trading?

To set Take Profit in trading, traders can follow these steps-

Identify a favorable price level where you want to secure profits.
Use the trading platform's order form and input the chosen Take Profit level.
Confirm the order, and the platform will automatically execute the trade when the market reaches the specified price.

How do you calculate SL in trading?

Calculating Stop Loss in trading involves assessing the risk tolerance for a specific trade. A common method is to determine a percentage of the total capital at risk for the trade. For example, if you are willing to risk 2% of your capital on a trade, set the Stop Loss level at a point where, if triggered, the loss would be limited to that predetermined percentage.

Team that worked on the article

Upendra Goswami is a full-time digital content creator, marketer, and active investor. As a creator, he loves writing about online trading, blockchain, cryptocurrency, and stock trading.

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Dr. BJ Johnson is a PhD in English Language and an editor with over 15 years of experience. He earned his degree in English Language in the U.S and the UK. In 2020, Dr. Johnson joined the Traders Union team. Since then, he has created over 100 exclusive articles and edited over 300 articles of other authors.

Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO).

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