You can use take profit and stop loss orders to manage your trades and limit potential losses.
A take profit order allows you to secure your profits. You can place a take profit order at a price level higher than the market price (for long trades) or lower than it (for short trades) when you want to close the trade and take your profit. If the market price reaches this level, your trade will be closed to secure your profit.
A stop loss order allows you to limit potential losses. You can place a stop loss order at a price level higher than the market price (for short trades) or lower than it (for long trades) when you want to close the trade to avoid further losses. If the market price reaches this level, your trade will be closed to limit your losses.
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