How do I set my stop loss (SL) and take profit (TP)?

Stop Loss (SL) and Take Profit (TP) are limits set on trades (market or pending) for them to be automatically closed at an expected gain or a minimal loss.

Let us take a look at how to set up and manage this on the various trading terminals:

MT5 (Desktop, Mobile, and WebTerminal)
For desktop, mobile, and Weberminal, SL and TP can be set up in the following instances:

• While opening an order
• While setting up a pending order (Buy Limit, Sell Limit, Buy Stop, Sell Stop, Buy Stop Limit, and Sell Stop Limit)
• For an active order, right-click on the order in the Trade tab and select Modify or Delete* to set up your desired SL and TP. Once set up, these levels can be modified later to other values too. The same is applicable for pending orders which have already been set up.
• For Mobile terminals the button is called Modify.