#OrderTypes101 Talking about orders and their types (order)

And this is a market order

Limit order

Stop-loss order

Sell order

First, market order :: which is the specification of the currency to buy and the specification of the price for buying under the market order icon, so the transaction occurs immediately and it has an advantage, but at the same time it is a disadvantage. To clarify, I will give an example.

If you start buying a currency that has a price of 3 dollars at this moment, and during the execution of the order the price drops, the purchase will be executed at the new price and you profit from the difference, for example, if you set 3 and during execution the price changes to 2.9, you profit from the difference. The disadvantage is the opposite, that is, the price is 3, then it changes to 3.1 and will be executed at that price, knowing that the price changes in less than a second.

Limit order is safer because you specify the price of the currency and when you place the order, it will be executed at the price you specified. If it drops at the moment of execution, the purchase order applies. And if it rises, it is not executed, just like with selling. The advantage is that you can set a condition for the order; that is, if the price of the currency is 3 dollars and you want to buy it when it drops to 2.9, you set a lower price and place a buy order, it will stay pending and will be executed automatically when the price drops, even if you have the app closed. Another advantage is that you can specify the selling price, you place an order and it will be executed automatically when it reaches that price. For example, the current price of the currency is 3 dollars and you want to sell at 3.4, you place a sell order at that price and close the app, and when the price reaches the price specified in the sell order, it will be executed.