#OrderTypes101 #OrderTypes101 Your Brief Guide to Understanding Trading Orders on Binance

Are you new to the trading world or looking to enhance your skills? Let's take a quick look at the most common types of orders

1. Market Order

Example:

You wanted to buy BNB quickly. Using a market order, you buy it immediately at the best available price in the market. Ideal for instant execution, but it doesn't guarantee the price you'll pay.

2. Limit Order

Example:

You want to buy BNB at $500, while the current price is $520. You use a limit order at $500; the order will only be executed if the price reaches that level or lower.

3. Stop Loss Order

Example:

You bought BNB at $500, but you want to protect yourself from losses if the price starts to drop. You set a stop loss order at $450, and the coin will be sold automatically if the price reaches this level.

4. Trailing Stop Order

Example:

You bought BNB at $500, and it has now reached $600. You set a trailing stop order with a $50 gap. If the price rises to $650, the stop automatically moves to $600. When the price drops to $600, it gets sold, realizing profits.

5. Advanced Orders Example:

Using an OCO order, you can set two orders together:

✔️ A sell order to take profit at $650

✔️ A stop loss order at $450

If one of the orders is executed, the other is automatically canceled.