A Stop order (sometimes known as a stop-loss order) is a conditional order aimed at closing a position after a certain price is reached. A stop is triggered when the market moves in an unfavorable direction for the trader. It is designed to prevent further losses when a position is losing money.
A Limit order (sometimes known as a take-profit order) is a conditional order aimed at closing a position after a certain price is reached. A limit is triggered when the market moves in a favorable direction for the trader. It is designed to realize the profit made by the position.
Set a Stop/Limit Order from the Open Positions Window
Right-click on a position in the Open Positions window, and click Stop, Limit, or Trailing Stop (if trailing stops are allowed). The Stop or Limit dialog box will appear.
Set a Stop/Limit Order from the FXVoyager Toolbar
In the FXVoyager toolbar, click the Stop or Limit button under the Trader tab.
A dialog will appear with a list of positions. Select the position on which you wish to set the Stop/Limit on, and click OK. The Stop/Limit Dialog will appear.
Enter the desired order rate and press OK.
Note: You can also configure the order by editing the "Distance in pips" and "Projected PL" boxes.
The Stop/Limit will be shown in the Orders window in the S (stop order) column.
It will also be shown in the Open Positions window in the Stop or Limit column.
Stops and Limits can also be set for existing Entry Orders. This means that whenever an Entry Order is executed, the resulting open position will have a preset Stop/Limit order.
Right-click on the existing ES/EL order in the Orders window and choose Stop or Limit from the pop-up menu. The dialog box will appear. Enter the desired rate and press OK.
The Stop/Limit will be shown in the Orders window:
Trailing Stop
The Trailing Stop works as follows: If the market price moves UP for a Buy position/DOWN for a Sell position, then the Trailing Stop moves with the market price, following it at the pre-set distance. If the market price moves DOWN for a Buy position/UP for a Sell position, then the Trailing Stop remains fixed and, if the market price reaches the Trailing Stop price, the order will be executed.
Right-click on the desired open position in the Open Positions window or on the existing ES/EL order in the Orders Window and choose Trailing Stop from the pop-up menu. The dialog box will appear:
To set the Trailing Stop Distance check the “Set Trailing Stop Distance” check box in the “Stop Order” dialog box and enter the distance value in pips. Press OK. The Trailing Stop Distance value will appear in the “Tr.Stop” field of the position record and a Trailing Stop Order will appear in the Orders window.
Remove non-triggered Orders
Right-click on the desired order in the Orders window and select Remove from the pop-up menu.