take profit and stop loss are the most powerful tool of meta trader which makes trader's life more easier. it allows a trader to close a trade at his desired level automatically. now traders don't need so spend all the day or night sitting in front of the pc for closing or opening a trade. take profit, stop loss and pending order allows them to open or close a trade automatically at their desired price. but while setting TP or SL points trader should be very much careful. their entry should be very solid, otherwise SL will be hit before TP.