Types of Forex Orders

Orders are how you tell your broker to buy or sell. The essentials:

• Market order — buy/sell immediately at the current price.
• Limit order — buy/sell only at a better specified price.
• Stop order — triggers once price reaches a level (often used to enter breakouts).
• Stop-loss — automatically closes a losing trade to cap your risk.
• Take-profit — automatically closes a winning trade at your target.

Using a stop-loss on every trade is one of the most important habits a beginner can build.