What is Take Profit?

What is Take Profit?

What is Take Profit
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Among many useful types of orders forex traders can place to take advantage of, one which is very effective is the take profit (T/P) order. It is a type of order which allows the traders to lock their gains. This type of order closes itself when a particular profit level is met, which is predetermined by the trader. Although using this order limits a person on how much profit an opportunity might let them make, this is a rather safe tool for the traders who have set goals and targets to make a specified amount of profit from a trade and close their position. For example, if you are buying a security at $10 and you want to take profit at $15, that is your take profit limit and once the market reaches that limit your order will automatically be closed leaving you with $5 profit.

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