As you can see in the image above, for the market order BUY, there are pending Stop Loss orders (below) to limit losses and Take Profit orders (above) to secure profits.
In some automated trading strategies, Stop Loss orders are not utilized (strategies employing averaging-down and martingale tactics). In such strategies, the trader's losses are not restricted. However, these strategies are very popular among traders because they can yield significantly more profit than expert systems with strict money management rules.