Take profit
A take-profit order closes your position once it reaches a target price, locking in the gain without you having to watch the screen.
Stop loss
A stop-loss closes your position once the price moves against you by a set amount, capping the loss before it can grow.
Using them together
Setting both defines your risk and your reward before you enter the trade. It is one of the simplest ways to stay disciplined, and it matters most when you are using leverage.