What is a Stop Loss Order and a Take Profit Order?

FXTRADING.com
FXTRADING.com

A Take Profit Order (TP) is an order that you tell or send to your broker. Usually, the order informs them to close your positions or trades when the price reaches a specified profit. Stop-loss is a trade order to sell a currency when the price reaches or falls below the specified price. This can limit losses, usually when the trader is not available to monitor the price.

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