In Poloniex, It's been a while since I placed a trade in this exchange, but from what I can remember, you can't place a stop loss and a take profit order at the same time, you have to choose either one. Am I wrong about this?
No, it is true that you can only place a single limit of either stop loss or take profit on an open order. That's also the case with Bittrex and Binance. You need to choose that if you are sure about your trade, then putting take profit targets is actually good but if not, then stop loss is better. Although, you always need to keep an eye to look for your targets/stops before they get hit.
If I'm not wrong, could someone explain to me how I can do it? And if I'm right about this, are there any other exchanges that do allow you to place a stop and TP at the same time? Or are there any trading bots that work with poloniex that can do this?
Thanks.
Some exchanges allow you to use API keys to allow bots put trailing stops when a trade is open and it saves you time and efforts you really can't put being a human.