#OrderTypes101 ✅ 1. Market Order
Description: Buys or sells immediately at the best available price.
Use Case: When you want to enter or exit a position quickly.
Pros: Fast execution.
Cons: You may get slippage (buying at higher or selling at lower than expected).
✅ 2. Limit Order
Description: You set the price at which you want to buy or sell. The order executes only when the market reaches your price.
Use Case: When you want more control over the entry/exit price.
Pros: You can get a better price.
Cons: The order may not get filled if the market doesn't reach your set price.
✅ 3. Stop-Limit Order
Description: Two prices are involved:
Stop price: Triggers the order.
Limit price: The actual order price placed after the trigger.
Use Case: Common for stop-losses or breakout entries.
Pros: More control than a regular stop.
Cons: Can be missed in fast markets.
✅ 4. Stop-Market Order
Description: Similar to stop-limit, but once the stop price is reached, it places a market order.
Use Case: For quick exit if price hits a stop level.
Pros: Guaranteed execution.
Cons: Less control over price; may suffer slippage.
✅ 5. Trailing Stop Order
Description: A dynamic stop-loss that moves with the market in your favor, but stays fixed if the market moves against you.
Use Case: Locking in profits while allowing trades to run.
✅ 6. OCO (One Cancels the Other) Order
Description: A pair of orders placed simultaneously—one limit and one stop-limit. If one is executed, the other is canceled.
Use Case: For setting target and stop-loss together.
✅ 7. Post-Only Order
Description: Ensures your order is added to the order book as a maker (not executed immediately).
Use Case: To avoid taker fees and provide liquidity.
✅ 8. Fill or Kill (FOK)
Description: The entire order must be filled immediately or it’s canceled.
Use Case: For precision and large-volume trades.
✅ 9. Immediate or Cancel (IOC)
Description: Fill as much as possible immediately, cancel the rest.
Use Case: For partial fills when liquidity is low.