What is Fondex cTrader Advanced Take Profit?
What is cTrader Advanced Take Profit?
One of the unique advantages of Fondex cTrader is the option to use advanced protection features for your open positions. Fondex cTrader is equipped with advanced protection tools that allow you to implement more sophisticated exit strategies and apply better risk management to your trades. In this article we will discuss Advanced Take Profit and how it can be used.
In brief, Fondex cTrader’s Advanced Take Profit feature allows users to automatically partially close positions depending on the profit level. A user can control how much of the volume should be closed after reaching a certain number of pips of profit. Fondex cTrader offers four different levels of partial closing for an open position.
How to Apply Fondex cTrader Advanced Take Profit?
As mentioned above, advanced protection can be applied only on open positions. If you want to apply advanced protection to a position, then you need to navigate to cTrader’s TradeWatch and click on the shield besides the position you want to protect
After you click on the shield you will get the following pop up
Here you will see two sections, the Advanced Take Profit and the Advanced Stop Loss. In the Advanced Take Profit section you can configure the position’s Advanced Take Profit settings. Advanced Stop Loss will be discussed in an upcoming article. Fondex cTrader offers the option to configure four different take profit levels where you can partially close your position’s volume. To enable each partial take profit level do the following
Tick the Take Profit.
Choose the Pips in profit that will serve as a trigger.
Choose the Volume to be closed.
Note: On the Advanced Protection form that you will receive, the following warnings are displayed.
* cTrader must be running and connected to the internet for Advanced Stop Loss and Advanced Take Profit to work properly.
** Stop Loss will be moved to break-even (covering also Commissions) when spot price has moved this distance from entry price.
You need to make sure that Fondex cTrader is running for your advanced protection to be applied else you are in danger of leaving your position unprotected
After you press apply, you will be able to see your Advanced Take Profit levels on the chart.
Using Fondex cTrader chart trading features, you can drag the levels at different price levels, fine tuning your setup further.
Advanced Take Profit is an ideal tool that allows you to successfully exit your trades in a more sophisticated way than a simple take profit. For example if you are trading Fibonacci retracements, you can use partial take profits to secure some of your profit on each Fibonacci level, while staying in the trade and speculating on further development of the trend. Also Advanced Take Profit is one of these features that makes Fondex cTrader unique when compared to other widely used trading platforms.
The content provided in this material and/or any other material that this content is referred to, whether it comes from a third party or not, is for information purposes only and shall not be considered as a recommendation and/or investment advice and/or investment research and/or suggestions for performing any actions with financial products or instruments, or to participate in any particular trading strategy and cannot guarantee any profits. Past performance does not constitute a reliable indicator of future results. Fondex does not represent that the material provided here is accurate, current, or complete and therefore shouldn't be relied upon as such. This material does not take into account the reader's financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Fondex, no reproduction or redistribution of the information provided herein is permitted.
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