TP (Take Profit) and SL (Stop Loss)

Take Profit (TP)
Definition: A predetermined price level at which a trade automatically closes to secure a profit.
Purpose: It helps traders lock in gains when the market reaches a favorable level.
Example: If you buy EUR/USD at 1.1000 and set a TP at 1.1100, the trade will close automatically once the price hits 1.1100, securing your profit.
Stop Loss (SL)
Definition: A predetermined price level at which a trade automatically closes to limit losses.
Protect the trader from severe losses if the market goes against his/her position.
If you buy EUR/USD at 1.1000 and put an SL at 1.0900, your trade will be closed automatically if the price falls to 1.0900.