Order types are a trader's best friend when used wisely! A market order is executed immediately at the current price—perfect for quick entries but risky during volatility. A limit order allows you to set a specific price, ensuring that you only buy or sell when the market hits your target. I often use stop-loss orders to protect against significant losses; they automatically sell if the price drops to a certain level. There are also stop-limit orders, combining the features of stop and limit.