#OrderTypes101
Master Your Trades: Crypto Order Types Explained 📊
Want to trade like a pro? Understanding order types is key—especially when trading BTC or other cryptos. Here’s a quick guide:
1️⃣ Market Orders
What? Buy/sell instantly at current price.
Best for: Quick entries/exits (but watch slippage!).
2️⃣ Limit Orders
What? Set your price (e.g., "Buy BTC at $60K").
Limit Orders
What? Set your price (e.g., "Buy BTC at $60
Best for: Precision trading (no surprises).
3️⃣ Stop-Loss (SL)
What? Auto-sells if price drops (e.g., "Sell BTC at $58K to limit losses").
Best for: Risk management.
4️⃣ Take-Profit (TP)
What? Locks in gains (e.g., "Sell BTC at $65K").
Best for: Securing profits.
Pro Tip: Combine SL + TP for a "stop-limit" strategy!