Stop loss and take profit are points you write when you open new order and need to close your trade in good point but you are busy so you choose stop loss if the price move against you or use take prof if you earn and need to close your order in this point

An order placed with a broker to sell a security when it reaches a certain price. A stop-loss order is designed to limit an investor’s loss on a position in a security. Although most investors associate a stop-loss order only with a long position, it can also be used for a short position, in which case the security would be bought if it trades above a defined price.