Placing stop loss and take profit orders on the trading platform helps determine the right time to exit a trade under different market conditions.
When a trade is in profit, a take profit (TP) order is used to exit the market at a favorablelevel. Conversely, when the market moves against the trade, a stop loss (SL) order is triggered to prevent further losses.
There are various methods for calculatingSL and TP levels depending on the trading strategy.