When you open any financial position, you are taking on some level of risk, but you are also hoping for a reward. Risk and reward can sometimes cloud our judgement. Preventing us from taking actions that are objective and emotionless.
Therefore, it is sensible to have an exit strategy before entering any position. By doing this, you are setting your definition of success and failure up front, the decision on when to close your position is made before you take on any risk.
There are two sides to an exit strategy. First, there is the exit to the downside, which prevents losses beyond a certain level, you can already automate this with Oasis.app Stop-Loss Protection. Second, there is the exit on the upside, which locks in profit at a certain level, this is where Take Profit comes in. By using it, you are completely removing your emotions from your exit strategy, which will now be executed automatically on your behalf.