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Take Profit (TP)
Definition: An advanced level at which a trade automatically closes to lock in a profit.
Purpose: Assists traders in locking in profit when the market attains a favorable level.
Example: If you are buying EUR/USD at 1.1000 and enter a TP at 1.1100, the trade will be automatically closed when the price reaches 1.1100, locking in your profit.
Stop Loss (SL)
Definition: An advance level at which a trade will automatically close to cap losses.
Purpose: Saves the trader from larger losses if the market goes in the opposite direction of their entry.
Example: You purchase EUR/USD at 1.1000 and place an SL at 1.0900. If the price falls to 1.0900, the position will be automatically closed, capping your loss.