Types of Forex Orders

Forex traders use different types of orders to manage their trades effectively. Market orders are used to execute a trade at the best available price instantly. Limit orders allow traders to buy below the current market price or sell above it, setting specific entry or exit points. Stop orders trigger a market order once the price reaches a specified level, limiting potential losses or locking in profits. Trailing stop orders automatically adjust the stop price as the market moves in favor of the trade. Additionally, there are OCO (One Cancels the Other) orders that place both a stop loss and a take profit order simultaneously, with one canceling the other when triggered. Each order type serves a particular purpose in Forex trading strategies.