At Doto, we want you to trade confidently and protect your funds. Stop Loss (SL) and Take Profit (TP) are two essential tools to manage your risk. Here's how they work and how to set them up on Doto.
What is a Stop Loss?
A Stop Loss automatically closes your trade at a specific price to limit losses if the market moves against you.
✅ Example:
You buy EUR/USD at 1.1000 and set a Stop Loss at 1.0950.
If the price drops to 1.0950, your trade will close automatically, protecting you from further losses.
What is Take Profit?
A Take Profit automatically closes your trade at a specific price to secure your profits when the market moves in your favor.
✅ Example:
You buy EUR/USD at 1.1000 and set a Take Profit at 1.1050.
If the price rises to 1.1050, your trade will close automatically, locking in your profit.
How to Set Stop Loss and Take Profit on Doto
When opening a new trade:
Choose the asset and amount you want to trade.
Tap “Advanced” (or the SL/TP option on your screen).
Enter the price levels where you want your Stop Loss and Take Profit to activate.
Confirm and open your trade.
On an open trade:
Go to your open positions.
Select the trade you want to modify.
Tap “Add SL/TP” or “Modify” depending on your platform view.
Set your Stop Loss and Take Profit levels.
Confirm the changes.
Tips for Using SL and TP
✅ Place your Stop Loss wisely: Too close, and normal market movements might close your trade early. Too far, and you risk larger losses.
✅ Use Take Profit based on your targets: Don’t be greedy. Setting realistic profit targets helps you stay consistent.
✅ Adjust as needed: Markets change, and so can your strategy. You can modify your SL/TP on open trades anytime.