Mastering order types is crucial for crypto trading!
* Market Order: Executes immediately at the best available current market price. Great for quick entries/exits, but susceptible to slippage in volatile markets.
* Limit Order: Allows you to set a specific price to buy or sell. Your order only executes if the market reaches that price or better. Offers price control but isn't guaranteed to fill.
* Stop-Loss Order: Triggers a market order when a specified "stop price" is hit, limiting potential losses. Essential for risk management.
* Stop-Limit Order: A hybrid. When the stop price is hit, it triggers a limit order at a specified limit price, offering more control than a simple stop-loss.
Understanding these helps you trade strategically and manage risk effectively!
