By setting Stop-loss and/or Take-profit orders you can have better control over your account. It saves you from having to constantly monitor your open deals and enables you to decide, in advance, at what point to close the deal while either collecting your profits or cutting your losses. Note: Setting the SL and TP can be a delicate task, and sometimes they need to be adjusted once the deal is already open. Setting them too close to the entry rate might lead to a premature closing of the deal, while setting them too far away from the entry rate might prove ineffective, because it’s out of reach.
Modified on: Sun, 1 Mar, 2020 at 1:26 PM