Stop Loss Order: Stop Loss Order is an order that gives an opportunity to the user/trader to choose the maximum amount of loss on the trade. Both Limit and Stop Loss prices have to be selected on the trade. Also, this order is not guaranteed to be executed.
Stoploss orders are used to liquidate assets on reaching a certain price level. To trigger/move/promote this order, the trigger price needs to be reached.
Like Stop Loss Orders, Take Profit Orders are also used to liquidate assets upon reaching a certain price level. The order will be triggered on reaching the trigger price mentioned in the order.