stop loss is a function offered by brokers to limit losses in volatile markets moving in a contrary direction to the initial trade. This function is implemented by setting a stop loss level, a specified amount of pips away from the entry price.
Take Profit
is a type of pending order that is placed to close a profitable position once the market reaches a specific price. As the name suggests, it allows the trader to set a predefined level to lock in any profits. In other words, it takes the profit as it closes the position.
ON Buy Order
on buy order, your Stop Loss should be pips below your oder
On Sell Oder
on sell order, stop loss is above the entry, take profit is below
Close Order
