Order Types Cheat Sheet

Forex orders fall into a few main types. Market orders execute immediately at the current price. Limit orders execute when price reaches a specified level (buy limit below market, sell limit above). Stop orders trigger when price hits a level—used for stop losses (exit) or stop entries (breakout). Stop-limit combines both: triggers at stop price, then executes as limit.

A market order fills at the best available price right now. Use it when you want immediate execution. Slippage can occur during fast markets—you may get a slightly worse price than quoted.

A buy limit is placed below market—you want to buy when price dips. A sell limit is above market—you want to sell when price rises. A stop loss is a sell order below your entry (long) or buy order above your entry (short) to limit losses. A take profit closes the trade at a target price.

Always use a stop loss on every trade. Set take profit levels to lock in gains. Use limit orders when you have a specific entry price in mind. Avoid market orders during news unless you accept slippage.