Types of orders in trading play a vital role in managing trades and achieving investment goals. The basic types of orders include: market order, which executes immediately at the best available price; and limit order, which sets a specific price for buying or selling, allowing the trader to control the price. There are also stop-loss orders, which help to minimize losses by automatically selling at a specified price. In addition, there are stop-limit orders, which combine the features of limit and stop orders. Understanding these types helps traders make strategic decisions and maximize their benefits from market movements.