#OrderTypes101

When I first started trading, I didn't understand the difference between the types of orders, and everything I did was on the market directly. I would just click buy or sell immediately, and I missed many opportunities because the price moves quickly, or I would lose because I had no control over the price. Later, 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 have actually saved me from significant losses more than once. I remember one time I entered a trade, and it was going well, but suddenly the market reversed. Because I had a Stop-Loss, the order was triggered, 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 there are opportunities I need to catch, but most of the time, I prefer Limit Orders. With every trade, I must 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.