#OrderTypes101 There are several types of orders used in trading. A market order executes immediately at the current market price. Limit orders are executed at a specified price or better. Stop orders become market orders when a specified price is reached. Stop-limit orders become limit orders when a specified price is reached. Take-profit orders automatically close a position at a specified price. Trailing stops adjust the stop price based on market movement. Fill-or-kill orders must be executed immediately or canceled. All-or-none orders require the entire order to be filled. Each order type serves a specific purpose and can be used to manage risk or maximize profits. Understanding these order types is crucial for effective trading