What is a Take-Profit order?
A take-profit order is a type of limit order. It specifies the exact price at which the order shall close or open a position for a profit.
If the asset price reaches the preset point, the order is executed, and the position is closed with a profit.
The main benefit of a take-profit order is that a trader doesn’t have to worry about trading manually and the risk of missing a profitable price.
Take-profit orders are the best for short-time trading because, in the long term, they cut on the possible profitability of trading.