Are you new to the trading world or looking to enhance your skills? 🤓 Let’s take a quick look at the most common types of orders and how to use them to achieve your market goals.
✅ 1. Market Order
🔹 Example:
You wanted to buy BNB quickly. Using a market order, you buy it immediately at the best available price in the market. Ideal for immediate execution, but it does not guarantee the price you will pay.
✅ 2. Limit Order
🔹 Example:
You want to buy BNB at a price of $500, while the current price is $520. You use a limit order at $500; the order will only be executed if the price reaches it or lower.
✅ 3. Stop Loss Order
🔹 Example:
You bought BNB at $500, but you want to protect yourself from losses if the price starts to fall. You place a stop loss order at $450, so the coin is sold automatically if the price reaches this level.
✅ 4. Trailing Stop Order
🔹 Example:
You bought BNB at $500, and it has now reached $600. You place a trailing stop order with a $50 difference. If the price rises to $650, the stop moves automatically to $600. When the price drops to $600, it sells, realizing a profit.
✅ 5. Advanced Orders
🔹 Example:
Using an OCO (One Cancels the Other) order, you can set two orders together:
✔️ Sell Order to Take Profit at $650
✔️ Stop Loss Order at $450
If one of the orders is executed, the other is automatically canceled.