📈Trading orders are like your instructions to buy or sell assets. Here's a simple explanation:
1. Market Orders
Imagine you want to buy something right now, at any price. That is a market order. It's the fastest, but the final price could vary slightly from what you saw.
2. Limit Orders
Here you're more specific: you want to buy or sell, but only if the price is what you want or better. If the market doesn't reach your price, the order won't be executed. This way, you don't pay too much or sell too cheap.
3. Stop Orders
These are to protect you or to take action when the price moves to a certain point. If the price reaches your "stop," the order becomes a market order and is executed. They are ideal for limiting losses or taking advantage of market movements.
4. Stop-Limit Orders
These are like a stop order but with an extra layer of security. When the price reaches your "stop," it does not become a market order but a limit order. This gives you more control to ensure execution at a price that suits you, but you run the risk that the order may not be executed if the price spikes.
5. GTT Orders (Good 'Til Triggered)
These orders are for when you have time. You set it and it remains active until the price you want is reached, or until you cancel it yourself. They do not expire at the end of the day like others.
In summary, each type of order gives you a different level of control over the price and execution speed. Would you like to know more about when to use each one?
