Setting a stop loss is a way to limit your risk. You decide upfront what your maximum loss could be by choosing the stop loss rate. If the market reaches that rate, your deal will be automatically closed. Since you are the person setting the rate, you are in control of your investment. Setting a take profit rate works in the same way. You decide on a desirable profit amount and your deal is automatically closed when the profit rate you have chosen is reached. Using a take profit rate helps you to control your trading without having to continuously monitor your position.
Types of Orders: 
You can decide to open a day trade, limit order or forward order.

• A day trade, also known as a market order, is an order to buy or sell at the best available price. This type of order is typically executed immediately.
• A limit order is an order to open a day trade deal at a rate that you have pre-defined when and if the market reaches that rate. The limit order will remain pending (i.e. waiting to be turned into a day trade) until the market reaches that rate, or the time expires. It has the usual features of a day trade, including a margin requirement.
• A forward order is an open trade with a value date greater than the spot value date. It has the usual features of a day trade, including a margin requirement. All three types of orders can have tailored stop loss and take profit rates set by you, in order to help you manage your risk.