The goal of a stop-loss is to stop losing money (yay!)
We're going to decide that we don't want to lose more than X % of our trade.
Too many traders forget to use them, and lose a significant part of their capital whenever the prices dips a bit (which happens every week with cryptocurrencies)
For a 2% stop loss, we want to sell when : [LAST TRADE's PRICE] < [BUY PRICE * 0.98]
The goal of a take profit condition is to secure your profits.
We want to sell whenever we reach a certain target. In this case, we're going to set it up to 2%.
For a 2% take profit, we want to sell when : [BUY PRICE * 1.02] < [LAST TRADE's PRICE]
The steps involved to fill the 2 values are exactly the same as before
Those conditions will trigger a sell order whenever our price drops more than 2% or gains more than 2%.