#OrderTypes101

On Binance, there are several order types to help traders manage their strategies efficiently:

1. Limit Order: This order lets you buy or sell at a specific price or better. It's ideal when you want to control the price at which you execute the trade. However, it may not fill immediately if the market doesn't reach your set price.

2. Market Order: A market order buys or sells at the best available price in the market. It's fast and guarantees execution, but the price can vary depending on market fluctuations.

3. Stop-Limit Order: This combines the stop and limit orders. When a specific price (the stop price) is reached, it becomes a limit order. This helps you manage losses or lock in profits once a set price is triggered.

4. Stop Market Order: Similar to the stop-limit, but once the stop price is reached, the order is executed as a market order, ensuring immediate execution but with possible slippage.

5. OCO (One Cancels the Other): This is a combination of a stop-limit and limit order. If one order is filled, the other is automatically canceled.

Each order type helps tailor your trading strategy, offering flexibility and control over your trades.