Test two cells and set a third cell with different values depending on test results

I am a beginner in Excel, and I am trying to determine Long Term Gain (LTG,) Long Term Loss (LTL,) Short Term Gain (STG,) Short term Loss (STL,) or No Loss nor Gain (NGL)testing two cells (A1 and B1)and setting a third cell (C1) to the text LTG, LTL, STG, STL, or NGL depending on the results of testing cells A1 and B1.
A1 represent a number of years and B1 represent gains or losses (negative)in dolars.

The way I see the logic is as follows:
If cell A1 or cell B1 are either one of them equal to 0, then it is neither a Gain nor a Loss (NGL.)
If cell A1 is greater than or equal to 1, then it is Long Term; else, if A1 is greater than 0 and less than 1, then it is Short Term.

On the other hand, if cell B1 is greater than 0, then it is a Gain; if B1 is less than 0 (a negative number,) then, it is a Loss.

I need to find (if it is posible in Excel) one formula to test the two cells for posible outcomes:
If A1 = 0 then C1 = NGL
If B1 = 0 then C1 = NGL
If A1 >= 1 and B1 > 0 the C1 = LTG.
If A1 >= 1 and B1 < 0 the C1 = LTL.
If A1 < 1 and B1 > 0 then C1 = STG
If A1 < 1 and B1 < 0 then C1 = STL

I can't figure it out if it can be done or how to do it in Excel; I have tried reading about with IF, AND, OR, nested and otherwise, but cannot figure out the formula. Can anyone help?; I would be very grateful.

This might work. I'm not near a computer right now to try it out.

Formula:

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Originally Posted by martindwilson

you need to put the IF(OR(A1=0,B1=0) further along the logic else if a1=0 and b1 >0 the IF(AND(A1 < 1, B1 > 0),"STG" would not be considered
=IF(AND(A1<1,B1<0),"STL",IF(AND(A1>=1,B1>0),"LTG",IF(AND(A1>=1,B1<0),"LTL",IF(AND(A1<1,B1>0),"STG",IF(OR(A1=0,B1=0),"NGL")))))

It worked!!; perfect!1
I will study it to learn for next time; I will try to turn the outcomes 9text0 with different colors.
Thanks a lot to you and also to Daffodil.