๐ Order Types 101: Mastering the Basics
New to trading or still confused by all those order buttons? ๐ตโ๐ซ Letโs break them down real quick โคต๏ธ
๐น Market Order โ You want it NOW!
This buys or sells instantly at the best available price. Great for speed, but you might get a bit of slippage. Best used in fast-moving markets.
๐น Limit Order โ You're patient & want your price.
Set the price you want to buy or sell at. Your order will only be filled if the market reaches it. Perfect for planned entries and exits.
๐น Stop-Limit Order โ A two-step sniper shot.
Set a stop price to trigger your limit order. Commonly used to cut losses (stop-loss) or lock in gains (take-profit).
๐น OCO (One Cancels the Other) โ Your strategic duo.
Place a take-profit AND a stop-loss at the same time. When one is triggered, the other is automatically canceled. Great risk control tool!
๐น Trailing Stop โ Let profits run automatically.
This follows the price as it moves in your favor. If the market reverses by a set % or $, it closes the trade. Smart way to protect gains!
๐กPro Tip: As mobile traders, mastering these orders gives you power and control without needing to babysit every candle.