#OrderTypes101

When I first started trading, I didn't understand the difference between order types, 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 didn't have 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 gets executed. Also, Stop-Loss orders became an essential part of every trade, as they have actually saved me from significant losses multiple times. I remember once I entered a trade that was going well, but suddenly the market reversed, and because I had a Stop-Loss, the order triggered, and I exited with a small loss instead of burning the whole 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, and 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 only in profits but also psychologically; you feel more comfortable when you set your plans before entering the trade.