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Take Profit (TP)
Description: A fixed price level that will close a trade automatically to enable profit realization.
Purpose: Lock in gain situations when the market is at a favorable level.
Example: Buying EUR/USD at 1.1000 with a TP of 1.1100, the trade is immediately closed when the price hits 1.1100 to realize the profit.
Stop Loss (SL)
Description: A fixed price level that will close a trade automatically to prevent further losses.
Protect the trader from severe losses if the market goes against his position.
Example: Buy EUR/USD at 1.1000 and place SL at 1.0900. In this case, when the price touches 1.0900, the trade will automatically close to limit your loss.