Lock profit
How to automatically move stop-loss to lock profit
How to automatically move stop-loss to lock profit
With PersonalTrader you can automatically move your stop-loss to lock in some profits when the trade reaches a certain price or percentage. Moving stop-loss to lock profits (also called "Stop-profit") will help you set multiple targets for each trade.
Let’s say that you have a Long position, your main take profit target is 8% above the entry price, and your stop-loss is -4% below the entry price. You can set that, if the price reaches a certain percentage, for example 3% above the entry price, your stop-loss will be automatically moved up to lock in some profits (if you set a 1% lock profit threshold, your stop-loss will be placed at 2%, instead of -4%). This way, if the price goes down, from 3% back to 2%, you will still close the trade in profit, because your Stop-loss was moved from -4% to 2%. While if the price keep raising the trade will continue normally. Same thing can be done with a Short positions too.
To move stop-loss to Lock profit follow these steps:
1. Lock profit is available for SmartTrade, trading strategies and TradingView Alerts. Check the “Move Stop-loss to Lock profit” checkbox to enable Lock profit. You can set up to 3 Lock profits on each trade.
2. In the “Lock profit (%)” field, specify the percentage that the price must reach before moving your stop-loss to the Lock profit threshold. If this field contains “0” or is empty Lock profit will not be enabled.
3. (Optional) You can customize the Lock profit threshold, which is calculated from the Lock profit price. Click the settings icon on the right of the field and set the percentage where your stop-loss should be places (from the lock profit price).
4. (Optional) You can check if an open trade has reached the Lock profit percentage by clicking the “info” icon in: Statistics > Open positions
Lock profit threshold should be equal or greater than 0. Minimum distance from lock profits price to lock profit threshold must be at least 0.3%. To avoid be stepped out from trades, be careful not using lock profits too tight.
