Do You Agree Using Stop Loss and Take Profit?

Forex trading is the buying of one currency and selling of another. The currency pairs are then traded simultaneously. One of the keys to success in learning forex trading is risk management. Traders can claim to have a powerful trading strategy or use trusted analysis, but it's useless if all of that is implemented without risk management. Because without risk management, sooner or later trading traders will fail to achieve profitable results. Here are some ways of risk management that traders can apply in trading.

Stop Loss

Stop loss is a limit to limit the losses that will be received by a trader. In this case, it means that when the price moves not in line with the trader's expectations, and then touches the limit (stop loss), the order will automatically stop. Traders will receive losses according to what has been determined as a limit. Although stop loss is designed to limit losses, not all traders like it.

Take Profit

Take profit is a limit to limit the profit that a trader wants to receive. This means that when the price moves to touch the take profit limit, the trader's orders will automatically stop. Thus the trader will get a profit according to what was previously limited. Take profit in addition to providing limits also has a function to secure the trader's profit. Take profit that has been determined previously must be based on an analysis that has been made carefully, not just place it without precise analysis.

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