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Knowing how and when to open a position is important, but even more important is knowing how and when to close a position to maximize profits.

The Take Profit is one of the most frequently used order types. The concept is "collection of benefits".

If we open a buy order and establish a take profit at a certain price, this take profit will be a sell order, which will be activated when the price reaches a higher price.

If we open a sell order, the take profit will be a buy order, and the same process will occur.

The take profit is the opposite of theSL. With a TP the operation is closed with profits and with anSL it is closed with losses. The levels were previously set by the trader.

It's very common to set a take profit and a stop loss at the same time. In addition to ensuring profits with the take profit, losses can also be limited in the event that prices evolve against the trader.

If you haven't downloaded the trading platform yet, click on the following image to download it for free, it's necessary to see the levels where the take profit is established.

The trader enjoys a certain freedom when placing a Take Profit order, as he doesn't have to follow his charts during the day as the order is closed with profit as soon as the market allows.

The take profit order has a significant opportunity cost, which should not be ignored, because prices can continue to evolve beyond the preset level, which is why the value should not be defined by chance.

When we open a new position, we must think of each trade as a separate business and choose the risk/reward ratio that we expect. The partial take profit method is used by experienced traders to increase profit.

You can lock in a part of your profit with a partial take profit. If the price doesn't move in the expected direction, at least a part of the desired profit will have been obtained.

There is no clear answer to the question of where to place the take profit.

It depends on the trader's risk appetite. It is not advisable to set the take profit randomly.

A technical analysis of the market is always necessary. For each trade, it is necessary to find relevant information such as market structure, volatility data, and adapted chart models. The price of the currency pair will move to a certain level if this information is confirmed.

Our free online courses explain the concepts in detail. Become a Super Trader.

The take profit can be defined by a number of steps.

The majority of traders place their take profit on support and resistance lines. Over time, support and resistance lines are areas where prices are stable.

Once the levels are reached, prices tend to bounce back.

The take profit is placed a little above the support for a sell order. It is advisable to avoid setting the TP at the exact level of support because of the difference between the profit and the support level.

The take profit should be at a few points below the resistance line for a buy order.

If the resistance line and support line are reliable elements to define the optimal take profit values, we must confirm that they are suitable with other indicators such as the Fibonacci levels.

It is very easy to place the take profit.

When opening a trade, the option to place a TP is offered by the two most popular trading platforms, MetaTrader 4 and 5.

Simply press the new order button and you will be able to determine the take profit level. It is advisable to set this order later, but you can skip this step and do so later.

Modification of the take profit is possible on the MetaTrader platform.

Clicking on "modify" or directly on the trading chart will move the red dotted take profit line manually.

If you have downloaded the Supreme Edition of the MetaTrader, you can set the take profit level in a more efficient and quicker way. You need to open the "Mini Terminal" to do this. You can set your take profit in a window.

You can watch the process live in our video "How to place a stop loss and take profit in MetaTrader"