*For Beginners / Explanation of Types of Trading Orders*

1. Limit Order:

* Imagine: You set the price at which you want to buy or sell a specific currency.

* How does it work? You tell the platform, "I want to buy this currency only if its price reaches this level (or lower)" or "I want to sell this currency only if its price reaches this level (or higher)".

* When do you use it? When you have a clear idea of the price you see as suitable for buying or selling, and you don't mind waiting for the price to reach that level.

2. Market Order:

* Imagine: You want to buy or sell a specific currency immediately at the best available price in the market right now.

* How does it work? You tell the platform, "Buy me this amount of the currency now" or "Sell me this amount of the currency now". Your order will be executed at the nearest price offered in the market.

* When do you use it? When your priority is the quick execution of the trade, and you don't focus much on getting a specific price.

3. Stop-Limit Order:

* Imagine: This order combines the concepts of "stop" and "limit". You set two prices: the stop price and the limit price.

* How does it work?

* Stop Price: When the price of the currency reaches this price, your limit order is activated.

* Limit Price: After the order is activated, it becomes a regular limit order at the price you specified (or better for buying, or worse for selling).

* When do you use it? It is often used to limit losses or to secure profits.