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Take profit

Take profit is an order that can be set once a position is opened. Take profit allows you to close the position once the market price hits a certain price level stated by you.

Example:
Suppose you took a long position in EUR/USD at the price of 1.10700 and there is a resistance level at 1.11300 which you think looks like a good price to take the profit. You can then set a take profit order at this price level. Your trading platform would automatically execute a sell order at 1.11300 the best available price and close out your position for a 60-pip gain

Stop Loss

Stop Loss is a type of risk management tool. It can prevent additional losses if the price goes against your position.

Example:
You went long (buy) EUR/USD at 1.12830. To limit your maximum loss, you set a stop-loss order at 1.12330. This means if you were wrong and EUR/USD drops to 1.12330 instead of moving up, your trading platform would automatically execute a sell order at 1.12330 the best available price and close out your position for a 50-pip loss