You can talk about the need to set stop loss and take profit for hours, but not experienced traders are trading without using these stop orders, and a few quite risky options for forex trading strategies simply do not assume their use.

The main reason for refusing to use stop loss, as a rule, is a purely psychological reluctance to measure up to the possibility of losses, the trader turns out to set their proper level in advance and as a result, the deposit is lost. Beginners especially often neglect the recommendation to set a Stop Loss in every trade. The realization that this is a big mistake comes later, after several serious losses.

Today we will consider what is Stop Loss and how to use it, as well as touch the main rules of setting the Take Profit.
In this guide, we’re going to discuss and show you the ideal Stop Loss setting. We’re also going to look at how you should plan your exits to get as much profit as possible from the markets. The exit often is a neglected aspect of a trading strategy, and in some strategies, it can even be a break factor.

Using these tools competently you will be able to trade successfully on financial markets and have a stable income. The convenience of Stop Loss and Take Profit is that when using them, there is no need to constantly monitor orders in the trading terminal.

In general, Take Profit and Stop Loss have almost the same mechanism of action, and only the "polarity" of their execution differ.