#OrderTypes101 Understanding order types is crucial for effective trading. A Market Order executes immediately at the best available price, prioritizing speed over a specific price. This is great for quick entries or exits but can incur slippage in volatile markets.

A Limit Order lets you set a maximum buy price or minimum sell price. It guarantees your desired price or better, but there's no guarantee the order will fill if the market doesn't reach your specified level.

For risk management, Stop Orders are key. A Stop-Loss Order turns into a market order once a trigger price is hit, aiming to limit potential losses. A Stop-Limit Order combines both, triggering a limit order once the stop price is reached, offering more price control but with the risk of not filling.

Lastly, a Trailing Stop dynamically adjusts your stop price as the asset's price moves favorably, helping to lock in profits while allowing for further gains.