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Take Profit (TP)
Definition: A predetermined price level at which a trade will automatically close to obtain a profit.
Purpose: Enables traders to make a profit when the market hits an attractive price.
Example: You buy EUR/USD at 1.1000 and have set TP at 1.1100. At this point, your trade will close automatically if the price hits 1.1100 to take your profit.
Stop Loss (SL)
Definition: A predetermined price level at which a trade will automatically close to cap losses.
Purpose: Protects traders from excessive losses in case the market moves against their position.
Example: If you buy EUR/USD at 1.1000 and set an SL at 1.0900, the trade will automatically close if the price reaches 1.0900, limiting your loss.
