#OrderTypes101 Transactions without knowing how to use the right type of order are no different from "entering the forest without a knife." Below are the 3 basic types of orders that every trader should know:

1. Market Order: Buy/sell immediately at market price. Fast – but can be subject to slippage during strong volatility.

2. Limit Order: Set the price you want to buy or sell. Safer, but may not be executed if the price does not reach it.

3. Stop-Limit Order: Combines both loss protection and profit taking. When the price hits "stop", the order is activated at the "limit" level. Extremely useful when you cannot monitor the chart 24/7.