What is a target and stop-loss order?

This usually refers to a bracket order or a cover order setup, where you place an entry order along with a predefined target (a price at which you book profit) and a stop-loss (a price at which you cut losses) at the same time, rather than managing them as two separate manual orders later. Once your entry executes, both the target and stop-loss legs become active simultaneously, and whichever one the market reaches first triggers, automatically cancelling the other. This is useful for disciplined intraday trading, since it removes the temptation to move a stop-loss further away mid-trade or to hold past a target hoping for more. Not every broker offers bracket orders in the same form (regulatory changes have limited some multi-leg bracket order structures over the years), so you check what your specific platform currently supports rather than assuming a feature that used to be standard is still available exactly the same way.