How Do I Set a Take Profit Order on Etoro?

Written by Mike Druttman

Reviewed by Wikitoro Team

1. 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.

2. 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.

3. My Step-by-Step Process to Set a Take Profit Order on eToro

Logging into eToro: Like any seasoned trader, I begin my day by checking my portfolio.

• Selecting my trading instrument: Over the years, I've diversified my investments, but the process remains consistent.
• Adjusting the Take Profit values: Based on my analysis, market news, and experience, I decide on a value.
• Finalizing the order: Always a satisfying moment, knowing I've set a strategy in place.

4. Tips from My Trading Diary

• 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.

5. Mistakes I've Made and Learned From

• 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.

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

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

7. 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.

8. Queries from Fellow Traders (and My Responses)

• "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.

9. 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!