What Are SL and TP? Mastering Stop Loss & Take Profit: Strategies to Maximize Profits and Control Risks!

SL (Stop Loss) and TP (Take Profit) are crucial risk management tools in trading, designed to minimize losses and secure profits. Stop Loss prevents excessive losses, while Take Profit locks in gains at a predetermined price. The effectiveness of SL and TP placement depends on trading strategy, market conditions, and trader psychology. This article provides an in-depth analysis of SL and TP usage, including common methods such as Fixed Stop Loss, Trailing Stop, and Partial Take Profit, along with common mistakes traders make when setting SL and TP.