TP and SL basics

Decide the exit before the entry.

Take profit (TP). A price where the exchange closes your trade in profit, automatically. You set it when you open, or later. Greed does not get a vote.

Stop loss (SL). A price where the trade closes at a loss you chose. Small, planned losses are the cost of being wrong. Liquidation is the cost of having no plan.

Where to put them. Put the stop where your idea is proven wrong, not where it hurts. Put the take profit where the move would have done its job. Then size the trade so the stop costs an amount you accept.

Risk to reward. If the stop is 2% away and the take profit 6% away, you risk 1 to make 3. You can be wrong more than half the time and still come out ahead.

In MemeSim. Attach TP and SL when you open, or edit them on the position card. The server checks them against the mark price every few seconds and fills them for you.