#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 right away, and I would miss 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 specify 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 once I entered a trade that was going well, but suddenly the market reversed, and because I had a Stop-Loss, the order was executed, 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. 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 just in profits, but even psychologically, you feel more at ease when you set your plans before entering the trade.