Types of Forex Orders – A Beginner's Quick Guide
Types of Forex Orders – A Beginner's Quick Guide
When trading Forex, you don’t just buy or sell randomly — you place orders. Here are the most common types beginners should know:
1. Market Order
- Instant Buy or Sell at the current price
- Use when you want to enter/exit a trade immediately
2. Limit Order
- Buy or sell at a specific price or better
- Great for getting a better entry or exit price
3. Stop Loss Order
- Automatically closes your trade to prevent big losses
- Essential for risk management
4. Take Profit Order
- Automatically closes your trade at your profit target
- Helps lock in profits without watching the charts all day
Pro Tip for Beginners:
Always use Stop Loss and Take Profit with every trade. It protects your account and keeps emotions out of your trading.
