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Order Types 101: Master the Basics Before You Trade! 💡
Understanding the different types of orders is key to becoming a smart crypto trader. Here’s a quick breakdown of the most common order types:
🔹 Market Order
➡️ Instantly buys or sells at the best available price.
✅ Fast execution
⚠️ Less control over price
🔹 Limit Order
➡️ Sets a specific price to buy or sell.
✅ More control
⚠️ May not fill if the market doesn’t reach your price
🔹 Stop-Loss Order
➡️ Triggers a sell if price drops to a certain point.
✅ Protects from big losses
⚠️ Not guaranteed in fast-moving markets
🔹 Take-Profit Order
➡️ Sells when your target profit level is reached.
✅ Locks in gains
⚠️ May miss higher profits if price keeps rising
🔹 Stop-Limit Order
➡️ Combines stop-loss and limit—once a stop price is hit, it places a limit order.
✅ More control, less slippage
⚠️ May not execute if limit price is not met