Order types explained

Market order

Fills immediately at whatever price is available. Guaranteed to fill, not guaranteed a good price. Fine on liquid pairs; risky on thin ones where it can fill far worse than expected.

Limit order

Only fills at your price or better. You control the price exactly, with no guarantee it fills. The right choice on any thin market.

Stop-loss

Triggers when the price falls to a level you set, closing the position before the loss grows. Set it when you open the trade, while you are calm.

Stop-limit

Triggers a limit order rather than a market one. Gives price control but may not fill in a fast-moving market — which is exactly when you most wanted out.

The most common mistake

Moving a stop-loss further away as the price approaches it. That turns a small planned loss into a large unplanned one.