How Do I Set a Take Profit Order on eToro?

Written by Mike Druttman

Reviewed by Wikitoro Team

To set a Take Profit order on eToro, open the trade you want to modify. Navigate to the "Take Profit" section and enter your desired profit amount. Confirm and save your changes to activate the order.

Introduction to eToro and Take Profit Orders

Having traded on eToro for several years, I've found it to be a powerful platform that continuously evolves to meet traders' needs. One tool I've come to rely on is the 'Take Profit' order. From firsthand experience, I've learned just how invaluable this order can be, especially in the unpredictability of the market.

If you're new to the eToro Take Profit feature and are curious about how to set this on the platform, then here's a quick and friendly guide for you.

The Basics of Take Profit Through My Eyes

Setting a Take Profit order is akin to having a safety net. The number of times it has helped me lock in profits without having to be glued to my screen is countless. Beyond its convenience:

• It takes emotions out of selling decisions.
• It acts as a compass, directing your trading journey towards pre-determined goals.

The Step-by-Step Process to Set a Take Profit Order on eToro

Simply follow the steps below to set a take-profit (TP) level on eToro's online trading platform:

1. Open a position: Before you can set a take profit level, you must open a position on eToro. To do this, select the instrument you want to trade, choose whether to buy or sell, and set the amount you want to trade.
2. Click on "Edit Trade": Once you have opened a position, go to the "Portfolio" section of your account and click on the "Edit Trade" button next to the position you want to set a take profit level for.
3. Set the take profit level: Under the "Take Profit" tab, set the profit level at which you want the position to be closed. You can set the take profit level as a percentage or a specific price.
4. Check and confirm: Take a look at the take profit level and make sure that it is set correctly. Once you are satisfied, click the "Set Take Profit" button to confirm the level.
5. Monitor your position: After setting the take profit level, monitor your position to see if the price reaches the target level. If the price reaches the target level, the position will be closed automatically, and you will make a profit.

Tips from My Trading Diary

Over the years of using the 'Take Profit' feature on eToro, I've jotted down key insights and strategies in my trading diary. These nuggets of wisdom have been instrumental in refining my approach. Below are some pivotal tips that have shaped my trading journey:

• Technical Analysis: From trend lines to resistance levels, my strategy has always centered on technical tools.
• Setting Realistic Goals: Dreams of instant riches can blur judgment. Setting realistic profit targets has kept me grounded.
• Adapting to Market News: Whether it's geopolitical tensions or corporate announcements, staying updated has been crucial.

Mistakes I've Made and Learned From

When I first began using the 'Take Profit' feature on eToro, I inevitably made some errors. However, with time and experience, I've honed my skills and learned from those initial missteps. Here are some of the mistakes I encountered and the lessons they taught me.

• Placing Profit Points Too Close: In my early days, I got kicked out of potentially profitable trades. A lesson well learned.
• Overlooking Major News: Once missed a big tech announcement. The market reaction was swift, and my Take Profit point seemed oblivious.
• Getting Complacent: Markets evolve, and so should our strategies.

Balancing Take Profit with Stop Loss: A Page from My Playbook

While a Take Profit order protects my potential gains, an eToro Stop Loss order has, more than once, saved me from considerable downturns. The dance between the two has shaped my risk management approach.

Tweaking Your Strategy: It's Okay to Change Your Mind

My experience has taught me to remain flexible. Adjusting a Take Profit order is simple:

• Visit the 'Open Trades' tab.
• Choose the trade and opt to 'Edit'.
• Modify as you see fit based on new insights or market shifts.

Queries from Fellow Traders (and My Responses)

Over time, I've received numerous questions about using the TP feature on eToro. I've compiled these inquiries along with my responses to assist both new and seasoned traders.

Why didn't my Take Profit order execute at the desired price?

Market gaps and high volatility sometimes play spoilsport.

Is a trailing Take Profit available on eToro?

As of my last use, eToro provided a Trailing Stop Loss. Always good to check for new features, though!

How does eToro deal with partial profits?

eToro's focus is on the complete investment amount, not partial segments.

My Final Thoughts and Takeaways

Setting a Take Profit order on eToro has been a cornerstone of my trading strategy. My journey, filled with trials, errors, and successes, underscores the importance of using this feature wisely. Keep learning, stay updated, and remember, every trader's path is unique. Here's to finding yours!