> ## Documentation Index
> Fetch the complete documentation index at: https://docs.liquid.trade/llms.txt
> Use this file to discover all available pages before exploring further.
# Take profit and stop loss
> Close a position automatically at a profit target or a maximum loss.
A **take profit** (TP) closes your position when the price reaches your profit target. A **stop loss** (SL) closes it when the price moves against you by as much as you're willing to lose. Both are triggered by the [mark price](/trading/liquidations#your-liquidation-price) and apply to the whole position.
We strongly recommend a stop loss on every leveraged position. Set it above your liquidation price so you exit on your terms instead of being [liquidated](/trading/liquidations).
There are three ways to set them: two on the order form, and one on the position screen.
## Order form
On a market's **Trade** tab, tap **+ Add TP/SL** below the leverage slider. Enter a take profit and stop loss price, or tap a chip to set them from a return target: **10%**, **25%**, **50%**, or **100%**. The sheet shows the gain or loss and the profit or loss in dollars for each level. Tap **Save Changes** to attach them to your order.
In the order panel, turn on **Take Profit / Stop Loss** and enter your prices.
## Visual editor (iOS)
Once a take profit or stop loss is set, tap the **TP / SL** summary on the order form to open the visual editor. Drag the **TP** and **SL** handles up or down against the market price; the percentage on each handle and the prices at the bottom update as you drag. Tap **Continue** to keep the new levels.
## Position screen
You can also change the take profit or stop loss after the trade. On iOS, open the position from **Home**, then on the **Activity** tab tap the pencil icon next to **Take Profit** or **Stop Loss**. Enter a price or tap a chip, then tap **Save**. The new level shows on the position and on the chart. On web, edit TP/SL from the position row under the chart.
## Rules
* A take profit must be on the profitable side of the current price.
* A stop loss must be on the losing side of the current price.
* A stop loss can't be past your liquidation price.
* Neither can be more than 95% below the current price.
TP/SL orders cancel automatically when the position closes. For stop and take orders that aren't tied to a position, see [Trigger orders](/trading/order-types#trigger-stop-and-take).
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