What is a stop loss and take profit?

Stop loss order limit the loss and take profit limit the profit. However, stop loss is essential in trading. Trader always should set the stop loss at beginning of trading.

Before that they should learn how to use it properly. Improperly use stop loss just leads to further losses.

A stop loss (SL) is a price limit entered by a trader. When the price limit is reached the open position will close to prevent further losses. A take profit (TP) works in a similar way - it automatically closes a position once aprofit target is reached to lock in profits.

Thank you for taking the time to explain, I have no doubt newbies will find it useful.