Do Stop Loss or Take Profit orders guarantee the exit price for my trade?

Stop Loss and Take Profit orders set a price point where if the selected price is met or exceeded in the market Bid or Ask price, a market order will be sent to close your trade. In this way, a Stop Loss or Take Profit price is simply a trigger level for a market order. This means that in a fast-moving market or after price gaps occur it is possible the price you receive on exiting the trade is different from what you have set.

You may receive a price that positively or negatively impacts your trade, and this is known as 'slippage'. It's an inherent aspect of trading, as the market order that's sent to close your trade will be executed at the next best available price or the fair market value.