#OrderTypes101 In the world of trading on platforms like Binance and others, it is very important to understand the different types of orders you can use to execute your transactions. These orders are called "Order Types", and each type serves a different purpose depending on your strategy and the state of the market.
đč 1. Market Order â Market Order
â Definition:
An order that is executed immediately at the best available price in the market.
đ Use:
When you want to enter or exit a position quickly.
Donât worry about the exact price but about the priority for a quick execution.
â ïž Disadvantage:
The order may be executed at a different price than you expected (called Slippage).
đč 2. Limit Order â Limit Order
â Definition:
An order that is executed only when the price reaches the price you set or better.
đ Use:
When you want to buy or sell only at a specific price.
Ideal if you are waiting for a certain entry point.
â ïž Disadvantage:
The order may never be executed if the price does not reach it.
