Definition – What does Take Profit Order (T/P order) mean?
A take profit (T/P) order is a forex trading order that is executed when a preset level is reached. The take profit order is usually entered as a specific number of pips or price level. If the currency pair reaches that level, the order is executed and the position is closed out at a profit.
ForexTerms explains Take Profit Order (T/P order)
The take profit order is basically the opposite of a stop-loss order. It helps traders automatically lock in a gain instead of helping them protect against too large of a loss. Used in conjunction with a stop-loss order, a take profit order allows a trader to keep a position open even if he doesn’t have time to actively monitor it. For example, if a trader buys the EUR/USD at 1.2928 and wants 50 pips in profit, he can enter a T/P order for 1.2978. (For psychological reasons, however, the order will likely be a round number like 1.3000)