📈 Order Types 101: Mastering the Basics
New to trading or still confused by all those order buttons? 😵💫 Let’s break them down real quick ⤵️
🔹 Market Order – You want it NOW!
This buys or sells instantly at the best available price. Great for speed, but you might get a bit of slippage. Best used in fast-moving markets.
🔹 Limit Order – You're patient & want your price.
Set the price you want to buy or sell at. Your order will only be filled if the market reaches it. Perfect for planned entries and exits.
🔹 Stop-Limit Order – A two-step sniper shot.
Set a stop price to trigger your limit order. Commonly used to cut losses (stop-loss) or lock in gains (take-profit).
🔹 OCO (One Cancels the Other) – Your strategic duo.
Place a take-profit AND a stop-loss at the same time. When one is triggered, the other is automatically canceled. Great risk control tool!
🔹 Trailing Stop – Let profits run automatically.
This follows the price as it moves in your favor. If the market reverses by a set % or $, it closes the trade. Smart way to protect gains!
💡Pro Tip: As mobile traders, mastering these orders gives you power and control without needing to babysit every candle.
