⁣#Stop Loss and Take Profit Strategies Participate in the #Topic Discussion to earn cash rewards! Follow the official account and comment "Follow" below the official account to claim rewards! ⁣For forex traders, risk management is the key to survival and profitability. Stop loss and take profit are two fundamental tools that allow traders to manage risk effectively and secure profits. Stop Loss: This tool helps you limit losses by automatically closing a trade when the market moves against you. It is crucial for protecting your capital in volatile markets, where prices can move rapidly. Take Profit: Take profit orders allow you to set an exit point where you can lock in profits without monitoring the market constantly. It helps to take emotions out of trading by securing profits when the price reaches a certain target. Why Use Both? By using stop loss and take profit together, you can set realistic profit and loss levels. This reduces emotional trading and ensures you’re not holding onto losing trades too long, while still locking in profits when the market moves in your favor.