#OrderTypes101
📌 Your Comprehensive Guide to Order Types in Trading (#OrderTypes101)
### 🔄 1. Market Order
- Description: Immediate execution at the best available price.
- When to use? When you want to enter or exit immediately regardless of the price.
### ⏳ 2. Limit Order
- Description: Set a specific price to buy (below market) or sell (above market).
- When to use? To precisely control the entry/exit price.
### ✋ 3. Stop Order
- Description: Converts to a market order when a specific price is reached (used to limit losses).
- When to use? To protect capital when the price drops.
### 🎯 4. Stop-Limit Order
- Description: A combination of Stop and Limit – activates at a specific price, but execution is within a specified price range.
- When to use? To avoid execution at an undesirable price during sharp fluctuations.
### 📉 5. Take Profit Order
- Description: Automatically closes the trade when a specified profit is achieved.
- When to use? To secure profits without constantly monitoring the market.
### 💡 Final Tip:
- Use stop orders to protect yourself from sudden fluctuations.
- Limit orders are ideal for controlling costs and profits.
🚀 Every order has its time! Choose the right type for your strategy.