#OrderTypes101

What are Order Types in the Trading World?

In the world of trading, especially on crypto platforms, we don't just "buy" and "sell". We can also choose the type of order that suits our strategy and needs.

Here are some of the most common types of orders:

1. Market Order

This is the simplest type of order. When you place a market order, you immediately buy or sell an asset at the best available price in the market at that time.

It is suitable when you want to transact as quickly as possible without waiting for a specific price.

2. Limit Order

A limit order allows you to buy or sell an asset at a price you set yourself. This order will not be executed immediately unless the market price hits your target price.

Example: You want to buy BTC at a price of $60,000, so you place a limit buy at that price.

3. Stop Order (Stop-Loss / Stop-Buy)

This order is used to limit losses or secure profits. When the price hits the point you specified, the order will automatically become a market order.

Example: You have BTC and want to cut losses if the price drops to $58,000, so you place a stop-loss at that price.

4. OCO (One Cancels the Other)

This is a combination of two orders: one limit and one stop. If one order is executed, the other is automatically canceled.

This strategy is suitable for those who want to set take profit and stop loss simultaneously.

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Conclusion:

Understanding order types is very important to maintain your trading strategy and risk. Choose the type of order that matches the market conditions and your goals.