What is Stop Loss (S/L) and Take Profit (T/P)?

Stop-loss is a type of a limit order that can be placed when opening a trade. The purpose of this order is to limit potential losses. That is, when a certain quote reaches the stop loss value, your position will be automatically closed with a loss or with a profit, if the stop-loss order was moved either to zero or to the positive value after the price managed to move towards the position opening price.

Take profit is an order similar to a stop loss, but exactly the opposite. That is, your position will be automatically closed when the quote reaches the order value in order to fix the profit.

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