#OrderTypes101
When I first started trading, I didn’t understand the difference between types of orders, and everything I did was on the market directly. I would just click buy or sell immediately, and I lost many opportunities because the price moves quickly, or I lost because I had no control over the price. Then I learned about Limit orders, and they became my favorite, especially when I'm not in a hurry; I can set the price that suits me and leave the order until it is executed. Also, Stop-Loss orders became an essential part of every trade because they actually saved me from significant losses more than once. I remember one time I entered a trade that was going well, but suddenly the market reversed, and because I had a Stop-Loss, the order activated, and I exited with a small loss instead of burning my entire account. For me, I only use Market Orders if the market is moving quickly or if there are opportunities I need to catch; otherwise, I prefer Limit orders. With every trade, I need to set a Stop-Loss and sometimes a Take-Profit. The type of order you use can make a big difference, not just in profits but even psychologically, you feel more comfortable when you set your plans before entering the trade.
