A Stop Loss Order is an order to close a losing trade automatically at a certain price in order to limit its loss.

This type of order is one of the main risk management tools you can benefit from as a trader especially if you are not actively following up on your account.

A Take Profit order allows you to close a profitable trade automatically at a price you set.

This type of order is one of the main risk management tools you can benefit from as a trader especially if you are not actively following up on your account.