A Stop Loss (SL) is an instruction to close a trade when the price reaches a predefined level.
The idea is to cash out of a position if it goes against you by a predefined amount. This allows you to limit your potential trading losses when you know you’re going to be away from the platform. If the market moves against your position, the SL will close your trade at a small loss rather than allowing that loss to run.
A Take Profit (TP) is the opposite of a stop loss in that it’s a way of maximising your potential gains if a trade goes your way while you’re away from the market. Like a Stop Loss, it will automatically close an open position, but only when the position moves into profit by a predefined amount.