Does LYNX have a take profit order for CFDs as of September 2023?
Good news! LYNX offers take profit orders for CFDs, which gives traders a powerful tool for locking in profits.
- Take profit orders provide a convenient way for traders to automatically close their positions at a pre-set price, enabling them to secure their desired level of profit.
- These orders are especially valuable when trading CFDs, as they allow traders to capitalize on favorable market movements.
- Using take profit orders is essential for maintaining discipline and carrying out trading strategies, even when traders are not monitoring the markets actively.
🌐 Web take profit order
📱 Mobile take profit order
🖥️ Desktop take profit order
Data updated on September 20, 2023
If you are familiar with using take profit orders, you can go straight to your broker's platform and see the available options. Alternatively, continue reading to gain further insights into this effective trading strategy.
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What order types are available at LYNX?
At LYNX, traders have access to a wide array of order types available across web, desktop and mobile platforms. The following table provides a comprehensive overview of the diverse range of tools offered to users:
🌐 Web order types
|Limit, MidPrice, Market, Stop, Stop Limit, Limit-on-Close, Market-on-Close, Trailing Stop, Trailing Stop Limit|
📱 Mobile order types
|Limit, Market, Stop, Stop Limit, Market if Touched, Limit if Touched, Trail, Relative, Market on Close, Limit on Close, Market on Open, Limit on Open|
🖥️ Desktop order types
|Limit, Mid Price, Market, Market-To-Limit, Stop, Stop-Limit, Trail, Trail-Limit, Relative, Retail Price Improvement, Snap Market, Snap to Midpoint, Snap to Primary, Market-on-Close, Limit-on-Close, IBALGO, Hedge (Forex or Pair stock)|
Data updated on September 20, 2023
These order types give traders a range of options to manage their positions, carry out their trading strategies effectively and control risk. If you are interested in more alternatives, take a look at our list of the best CFD brokers.
What is a take profit order?
Traders frequently use take profit orders as a tool for securing profits. These orders automatically close a position when the price of an asset reaches a predetermined level, known as the take profit price. Take profit orders are widely employed in various financial trades, including with CFDs (Contract for Difference).
Let's see an example of how a take profit order works:
- Suppose you purchase 100 CFDs of Company XYZ at a price of $100 per share.
- You set a take profit order for $110.
- If the stock price reaches or exceeds $110, the take profit order is triggered.
- Consequently, your broker will automatically execute the sale of your CFDs at the prevailing market price, allowing you to lock in your desired profit.
The primary objective of implementing a take profit order is to maximize gains from advantageous market movements and safeguard your profits. By establishing a predetermined take profit level, you can eliminate emotional factors from your decision-making process and adhere to your trading plan.
Take profit orders serve as a critical tool for traders seeking to maintain discipline and effectively manage their trading strategies.
Why is a take profit order especially important with CFDs?
A take profit order is especially important if you trade CFDs (Contracts for Difference). Let's see why:
- Seizing opportunities in volatility: CFDs are volatile instruments, but capitalizing on rapid market movements can be challenging without a reliable exit strategy. This is where take profit orders play a crucial role.
- Mitigating risk: Without a pre-established take profit level, there is a temptation to prolong a winning trade in the hope of further gains. However, market conditions can swiftly change, leading to missed profit opportunities or the risk of a profitable trade turning into a losing one.
- Trading without emotions: Emotions such as fear, greed, and uncertainty can interfere with clear judgment and result in impulsive decision-making. Once again, a take profit order comes to the rescue by removing the emotional aspect from the equation.
- Enhanced flexibility and convenience: As a CFD trader, it is common to have multiple positions across various markets and timeframes. Constantly monitoring each trade can be impractical. This is where take profit orders prove their value once more. By setting your desired take profit levels, you can rely on the automatic execution to secure your profits, providing you with enhanced convenience and peace of mind.
By incorporating take profit orders into your trading strategy, you can improve your overall profits and reduce potential risks, contributing to a more successful trading experience. If you're interested in learning even more about CFDs, check out our article explaining all aspects of trading CFDs.
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