TP (Take Profit) and SL (Stop Loss) are essential risk management tools.

*Take Profit (TP):*

- A predetermined price level at which a trader closes a position to lock in profits.

- Helps secure gains and avoid potential losses if the market reverses.

*Stop Loss (SL):*

- A predetermined price level at which a trader closes a position to limit potential losses.

- Helps mitigate risk and prevent significant losses if the market moves against the trader's position.

*Best Practices:*

- Set TP and SL levels based on market analysis and risk tolerance.

- Adjust TP and SL levels according to changing market conditions.

- Use trailing stops to lock in profits while giving the position room to breathe.

By using TP and SL effectively, traders can manage risk, lock in profits, and avoid significant losses in futures trading