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Take Profit (TP)
This is the set price at which a trade is automatically closed for profit.
Purpose: Helps to lock profits as the market price reaches the favourable level.
For example, buying EUR/USD at 1.1000 and placing the TP at 1.1100 means your trade will be automatically closed if the price goes to 1.1100, meaning that you lock the profit.
Stop Loss (SL)
A stop-loss order is an instruction of a specified price level where the trade is closed to prevent or limit the loss.
Purpose: Protects traders from large losses if the market moves against their position.
Example: Suppose you buy EUR/USD at 1.1000 and set an SL at 1.0900. The trade will automatically close if the price drops to 1.0900, and your loss is limited.