#OrderTypes101 💥

Your Quick Guide to Understanding Trading Orders on Binance

📲💡Let's take a quick look at the most common types of orders:

1. Market Order

Example:

You wanted to buy cryptocurrency $BNB

quickly. Using a market order, you buy it immediately at the best available price in the market. Ideal for instant 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 drop. You place a stop-loss order at $450, and the cryptocurrency will be 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 automatically moves to $600. And when the price drops to $600, it sells, realizing profits.

5. Advanced Orders Example:

Using an OCO 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.