What is a Stop Loss/Take Profit?
Stop loss and take profit are automated orders used to manage risks and secure profits in trading.
A stop loss order automatically closes an open position at a predetermined price to limit potential losses if the market moves unfavorably.
Conversely, a take profit order automatically closes the trade once the asset reaches a specific price point, thereby securing profits.
These tools are crucial for maintaining control over trading outcomes and managing financial exposure effectively.
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