Does LYNX have take profit order for CFDs as of August 2024?
Great news! LYNX offers take profit orders for CFDs, providing traders with a powerful tool to lock in profits.
- Take profit orders automatically close positions at a predetermined price, allowing traders to secure their desired profit level.
- If you are trading CFDs, take profit orders are particularly important for making money on favorable market movements.
- Take profit orders help traders maintain discipline and execute their trading strategies, even when they are not actively monitoring the markets.
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🌐 Web take profit order
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Yes | No | No |
|---|---|---|---|
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📱 Mobile take profit order
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Yes | No | No |
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🖥️ Desktop take profit order
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Yes | No | No |
Data updated on August 27, 2024
If you know how to use take profit orders, head over to the broker and check out their offers, or read on to find out more about this trading strategy. We, at BrokerChooser, want to help you make sense of the financial world, and you can rest assured that we only recommend brokers that have top-tier regulation.
What order types are available at LYNX?
LYNX provides a diverse range of order types for users across web, desktop, and mobile platforms. Below is a comprehensive table outlining the various tools available to their traders:
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🌐 Web order types
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Limit, MidPrice, Market, Stop, Stop Limit, Limit-on-Close, Market-on-Close, Trailing Stop, Trailing Stop Limit |
|---|---|
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📱 Mobile order types
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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 |
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🖥️ Desktop order types
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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 August 27, 2024
These order types provide traders with a wide array of options to manage their positions, control risk, and execute their trading strategies effectively. In case you are looking for different alternatives, take a look at our best CFD broker list.
What is a take profit order?
A take profit order is a great tool used by traders to secure profits by automatically closing a position when the price of an asset reaches a predetermined level, known as the take profit price. Traders often use take profit orders in various financial transactions, including when trading CFDs (Contract for Difference).
Let's consider an example: You purchase 100 CFDs of Company XYZ at $100 per share and set a take profit order at $110. If the stock price reaches $110 or higher, the take profit order is triggered, and your broker automatically sells your CFDs at the market price, allowing you to lock in your desired profit.
The primary aim of a take profit order is to help you make the most of favorable market movements and ensure that your profits are secured. By setting a predetermined take profit level, you can remove the emotional element from their decision-making process and stick to your trading plan.
Similar to stop loss orders, it is important to note that take profit orders do not guarantee execution at the exact take profit price. Slippage can occur in fast-moving markets or during volatile conditions, resulting in the execution price differing from the desired take profit level.
Take profit orders are a crucial tool for traders who want to stay disciplined and manage their trading methods properly.
Why is a take profit order particularly important with CFDs?
A take profit order is particularly important if you trade CFDs (Contracts for Difference). Let's dive into the reasons why this tool is particularly essential for CFD traders.
- Capitalizing on Volatility: These financial instruments are known for their volatility in various markets. But capturing those rapid movements can be tricky if you don't have a solid exit strategy in place. That's where take profit orders come in.
- Risk Management: When you don't have a predefined take profit level, you might be tempted to stay in a winning trade for longer, hoping for even more gains. But things can quickly turn around, and you might end up missing out on profits or even turning a profitable trade into a loss.
- Emotion-Free Trading: Fear, greed, and uncertainty can cloud your judgment and lead to impulsive actions. That's where a take profit order helps again. It takes the emotional aspect out of the equation.
- Flexibility and Convenience: As a CFD trader, you likely have multiple positions across different markets and timeframes. It's not practical to monitor each trade constantly. That's where take profit orders come in handy once again. After setting your take profit levels, you can trust that your profits will be secured automatically.
By incorporating take profit orders into your trading strategies, you can enhance your overall profitability and mitigate potential risks, contributing to a more successful trading experience. If you are interested in learning even more about CFDs, check out this article explaining all aspects of trading CFDs.
Looking for a CFD broker?
If you are looking for the brokers that offer the best CFD trading conditions, check our top recommendations of the best CFD brokers in the world.
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