Understanding order types avoids paying dearly for basic mistakes.
• **Market Order**: executes instantly at the best available price. Good for exiting positions quickly, but may suffer slippage in illiquid assets.
• **Limit Order**: you set the exact price; it only executes if the market reaches there. Ideal for planned entries and for "fishing" wicks.
• **Stop-Loss**: turns into market or limit when the price hits a trigger. Protects against sharp declines without watching the screen 24/7.
• **OCO (One-Cancels-Other)**: combines take-profit and stop-loss; executes one and automatically cancels the other.
Mastering these commands transforms random clicks into calculated strategy.
