How to exit a trade on Monfex platform

Exiting a Trade

Closing a Trade with a Market Order

To lock in your profit, you should close your position with a market order. A position can be closed fully or partially.

Full Close

To close the position fully, click on the rightmost Close button, located in the Trading Toolbox. That will exit your trade and lock in your profit.

Otherwise, press “Close #xxx” in the position modification dialog, where the #xxx is the position ID.

Partial close

To close the position partially, press “Partial Close #xxx” in the position modification dialog, where the #xxx is the position ID (shown on a picture above).

Setting a Stop Loss to Avoid Excessive Losses

What is Stop Loss

If you want to limit your potential losses in case the price moves in an unfavorable direction, you should place a Stop Loss order. In fact, a Stop Loss is an instruction for a broker to close a position when the price reaches a certain level. It functions as a protective order that is attached to a position.

Why is Stop Loss Important

Stop Loss is an optional order. Of course, you can monitor your positions on your own and can close or modify them manually whenever you want. However, this approach has several disadvantages: It is difficult for you to be in front of a computer all the time, and there can be internet connection losses. Stop Loss order is designed to mitigate these risks. When you set a Stop Loss order, it is stored and executed on the broker's server.

How to Set a Stop Loss Order

There are several ways to set a Stop Loss order.

To place a Stop Loss for an existing market position, right-click a particular position and choose “Set S/L” in the position modification dialog:

When opening a new position, simply specify the Stop Loss price in the New Order tab:

A Stop Loss can also be set for pending orders. When a pending order is filled, an opened position will inherit a Stop Loss price specified in the pending order.

 

Setting a Take Profit to Lock In a Desired Profit

What is Take Profit

If you want to lock in your profits in case the price moves in a favorable direction, you should place a Take Profit order. In fact, a Take Profit is an instruction for a broker to close a position when the price reaches a certain level. Take Profit functions as an additional order attached to a position or a pending order.

Why is Take Profit Important

Similar to Stop Loss, a Take Profit order is optional. You can monitor the profitability of your positions on your own and can close them manually. However, when a Take Profit order is set, it is stored and executed on the broker's server automatically.

How to Set a Take Profit Order

A Take Profit order can be set in two ways.

To place a Take Profit order for an existing market position, right-click a particular position and choose “Set T/P” in the position modification dialog:

When opening a new position, simply specify the Take Profit price in the New Order tab:

A Take Profit can also be set for pending orders. When a pending order is filled, an opened position will inherit a Take Profit price specified in the pending order.

 

More Monfex tutorials:

1. Getting Started with Monfex

2. How to set up a Monfex account

3. How to fund your Monfex account

4. How to buy Bitcoin to trade on Monfex

5. How to buy Ethereum to trade on Monfex

6. How to buy Tether to trade on Monfex

7. How to analyze the market with Monfex

8. How to enter a trade on Monfex

9. How to exit a trade on Monfex

10. How to make trading decisions using Monfex tools

11. How to withdraw funds on Monfex

12. Account security on Monfex

13. Purchasing cryptocurrency using your credit card on Monfex