Guaranteed Stop Loss Order on LogixTrader!

Understanding how to use Guaranteed Stop Loss Orders on the LogixTrader platform is essential for managing risk in your trading strategy. This tutorial delves into the mechanics of setting up and effectively using this powerful feature on LogixTrader.

What is a Guaranteed Stop Loss Order?

A Guaranteed Stop Loss Order (GSLO) ensures that your position is closed at the exact price you specify, regardless of market volatility. Unlike regular Stop Loss Orders, which can be impacted by slippage during volatile market conditions, a GSLO gives you absolute control over your risk by guaranteeing the exit price.

Setting Up a Guaranteed Stop Loss Order in LogixTrader

• Access the Order Menu: Start by selecting the currency pair or asset you wish to trade. Navigate to the order menu on LogixTrader.
• Select the Guaranteed Stop Loss Option: When placing a Market Order or Limit Order, you’ll have the option to add a Guaranteed Stop Loss. Simply tick the checkbox to activate this feature.
• Specify Your Exit Price: Enter the price level at which you want your position to be closed. This price will be locked in regardless of market conditions.
• Confirm and Execute: After setting your GSLO, confirm the order details and execute the trade. LogixTrader will ensure that your position is closed at the specified price, protecting you from unexpected market movements.

Benefits of Using Guaranteed Stop Loss Orders

• Risk Management: A GSLO provides peace of mind by eliminating the risk of slippage, ensuring that your losses are contained within your predetermined limits.
• Enhanced Control: By guaranteeing the exit price, you can trade with greater confidence, knowing that your risk management strategy will be executed precisely.

Conclusion

Incorporating Guaranteed Stop Loss Orders into your trading on LogixTrader is a smart way to safeguard your investments against market volatility. Whether you’re placing Market Orders, Limit Orders, or setting Take Profit levels, the GSLO feature gives you the confidence to trade more effectively.

Catch up on our latest LogixTrader video tutorials below:

• Adding Indicators and Customising Your Charts in LogixTrader
• How to Set Up Multiple Charts in LogixTrader
• How to Customise Your Trading Chart Colours and Visualise the Spreads on LogixTrader Platform

Take control of your forex trading journey by signing up for a LogixTrader Trading Account today.