When trading, it is very important to be consistent, develop a strategy and follow through with your positions. Although sometimes even when you are following your strategy closely, and sticking with your calculated positions, there still remains the possibility that you may end up losing funds. A common mistake among less experienced traders is to neglect a very important trading tactic and not use stop loss (SL) or take profit (TP) when trading, which can very often lead to huge drawdowns and losses.
Stop Loss Order (SL) - is an order placed with a broker to sell a security when it reaches a certain price. A stop-loss order is designed to limit an investor's loss on a security position.
Take Profit Order (TP) - An order used to specify the exact rate or number of pips from the current price point where to close out a current position for a profit.
The variety of youtradeFX trading platforms allow to use the SL and TP tools in an easy manner, allowing you to be confident about the positions that you place.