take-profit

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A take-profit (abbreviated TP) is a pending order, which is set beforehand, to close a trade if it goes in the favorable direction and reaches some predetermined level. For a buy trade (long position), a take-profit would be set above the entry level. For a sell trade (short position), a take-profit would be set below the entry level. Using a take-profit in Forex is a way to automate your trading. The posts below discuss the use of take-profit and describe various ways to set it.

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