The take profit is an order used by currency traders to specifically indicate the precise rate or amount of pips from the market price point where to the trader would love to close out their current position so as to get a profit. so that most appropriate rate which is seen to be the level where the trader is willing to take a profit could at times be referred to as the 'take-profit point'.
Let us break the Take-Profit further. Just the name basis all tells you; the take-profit orders can be used to lock in profits in a situation where the rate goes in a direction that favours you. Now let us make this simpler with a quick example, if I am long a currency pair position I think that the price will climb up to a specifc level, but then I can't say for sure what it could happen to it beyond that level, I will now place a take-profit order at very poinergo that it will automatically close out my position helping me to lock my profit.
Take Profit order is used for gaining profits when the symbol prices has gotten to a chosen level. And just like the stop loss, MT4 checks long positions with BID price for meeting of this order provision and similarly as well it meets short positions with the ASK price. The procedure of setting of the stop loss on MT4 is identical to that of setting the take profit. when you create an order you will fill your chosen take profit into the allocated field and place the trade. But then you could still correct it by adding a protective take profit order to modify your order.
Adding a protective take profit order in the MT4 would involve the process of highlighting the trade in the ' Trade' tab of the Terminal. Proceed to Right click, following this is the selection of the 'Modify or Delete Order'. Right click on the trade in the ' Trade' tab of the terminal so as to delete or modify the order. A window will pop up with which you could by yourself determine your take profit. After choosing a take profit level which is valid, you can carry on with the trade by selecting the long, horizontal bar which is at the bottom of your screen. If a valid take profit has been entered, the bar will be highlighted. After the process has been concluded, the take profit will appear on the chart as a horizontal line placed at the corresponding price level. Thus the trader this way is able to monitor open trades.
Though some traders would prefer their profits to run while preferring to set only a stop loss I don't think it the take profit is not useful to protect your profits.