Yes, you can take profit on eToro by using its built-in “Take Profit” (TP) feature, which allows you to automatically close a trade once it reaches a specified profit level.
Take Profit (TP) is a trading tool that lets you set a specific price or profit amount at which your position will automatically close to secure your gains without the need for constant monitoring. This is particularly useful in volatile markets where prices can change rapidly.
You can also adjust the Take Profit level after opening a trade by accessing your portfolio, selecting the trade, and modifying the TP settings.
eToro also allows you to close a portion of your position to realize some profits while keeping the rest open. This can be done by selecting the trade in your portfolio and choosing the “Close” option, then specifying the amount or percentage of the position you wish to close.
I've been using the TP tool for some of my trades and after experiencing it for quite some time, these are some of the things that I suggest you consider if you're planning to take advantage of it:
- Mandatory TP: On eToro, setting a Take Profit is mandatory for all positions except for non-leveraged BUY trades.
- Execution Price: While TP orders aim to close at your specified price, in fast-moving markets, the execution price may differ slightly due to market conditions.
- Fees: There are no additional fees for using TP but standard trading fees like spreads and overnight charges may apply.
About Mike Druttman
