Traffic and Conversions are two different ad objectives that you can select on Facebook.
When you ask Facebook to optimise your ads for traffic or conversions, following things happen:
Traffic: Facebook will show ads to those people in your target audience who clicked on the similar ads in the past.
Conversion: Facebook will show ads to those people in your target audience who clicked and got converted(filled contact form, purchased a product, subscribed to email list, etc.) on the similar ads in the past.
All you have to do is select right objective and monitor the campaign based the Key Performance Indicators(KPIs) for the selected objective.
If you have selected Traffic as objective, you should monitor the number of clicks, cost per click, CTR, etc.
If you have selected Conversions as objective, you should monitor the number of clicks, CTR, conversion rate, cost per conversion etc.
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