#OrderTypes101 When trading, understanding different order types is crucial for managing risk and achieving desired outcomes. The most common are:

* Market Order: This executes immediately at the best available current market price. While it guarantees execution, the exact price might fluctuate in volatile markets, leading to "slippage."

* Limit Order: This allows you to set a specific price (or better) at which you're willing to buy or sell. A buy limit order executes at or below your set price, while a sell limit order executes at or above. This provides price control but doesn't guarantee execution if the market doesn't reach your specified price.

* Stop Order (Stop-Loss): This converts into a market order once a specified "stop price" is reached. It's often used to limit potential losses on an existing position.

* Stop-Limit Order: This combines aspects of both stop and limit orders. When the stop price is hit, it triggers a limit order instead of a market order, providing more price control than a regular stop order, but again, execution isn't guaranteed.