Take Profit and Stop Loss are pending orders that let you lock in a certain level of profit (Take Profit) or limit a loss (Stop Loss).
Stop/Loss can be used by a trader to guard against extra risk. Traders can decide in advance what limits they want to set on their potential risks. A Stop Loss can be set in the StormGain platform by specifying the level of risk in the trade's currency or by setting a price at which to close the position when the price is reached.
Take Profit can be used by a trader to lock in a certain amount of profit. The cryptocurrency market is highly volatile. Very often, traders simply can't keep the app open to stay on top of their trades. Place a Take Profit order to make sure you don't miss your chance to lock in profit.
Take Profit and Stop Loss can be set when opening positions.
That's why it's a good idea to tick the Take Profit and Stop Loss windows. Both options are set in USDT automatically, but traders can change them as they wish.
On top of that, you can also set Take Profit and Stop Loss for positions that are already open.
Select the desired position in the list of open positions.
A dialogue window will open.
In this case, Take Profit and Stop Loss can be displayed in a USDT amount or when reaching a particular price. Select the desired option by left-clicking it. Enter the desired value and click "Save".