Limit Order
What is it?
An order to set a specific price at which you want to buy or sell, not the current market price.
When do you use it?
If you want to buy at a price lower than the current price
Or sell at a price higher than the current price
Example:
Current price = 100
You want to buy only if the price reaches 90
➡️ Place a limit order at 90
2️⃣ Market Price (Market Order)
What is it?
An order to buy or sell immediately at the current market price.
When do you use it?
When you want to enter or exit quickly
Don't worry about precision, just want immediate execution
Example:
Current price = 100
You press "Buy at market" ✅
➡️ Executed immediately at the nearest available price
3️⃣ Stop-Limit Order
What is it?
An order that combines activation price (Stop) and limit order (Limit).
Usually used to protect capital or enter after the price moves to a certain level.
Its main fields:
1. Stop price: The price at which the order execution begins
2. Limit price: The price at which you want to sell or buy after activation
3. Amount: The number of units you want to sell or buy
Example:
Current price = 100
You want to sell if the price drops below 90 to minimize loss
You place:
Stop = 90
Limit = 89.9
Amount = Full balance
4️⃣ OCO (One Cancels the Other)
What is it?
A dual order that combines profit target and stop loss at the same time.
If one of the two orders is fulfilled, the other is automatically canceled.
When do you use it?
To set profit target and stop loss without needing to constantly monitor the market
Example:
Current price = 100
You want:
Take profit at 120
Stop loss at 90
➡️ You place an OCO order
Sell on rise
Limit Sell = 120
Sell on drop
Stop-Limit Sell = 90 / 89.9
The 90 activates the order if it drops to it and the 89 executes the order there
This tells the order if the price drops to 90 sell at 89.9 or 98