In trading, order types define how and when you buy or sell. A market order executes instantly at the best available price—fast but less precise. A limit order lets you set the exact price you want, offering more control but no guarantee of execution. A stop-loss order helps manage risk by automatically selling if the price drops to a certain level. A take-profit order locks in gains when a target price is reached. Mastering order types is key to trading smart, managing volatility, and protecting your capital. Use the right order for your strategy and market conditions.