![\"Order-types1\"](\"http:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2017\/12\/Order-types1.jpg\")
<\/a><\/p>\nStop orders<\/strong>\u00a0are commonly used for breakout and momentum style strategies. They buy in a rise market and sell and a falling market. Traders will often place these orders above resistance or below support, trading a break of these levels.<\/p>\n Limit orders<\/strong>\u00a0are used by range and countertrend traders. Limit orders sell into a rising market and buy into a falling market. Because of this they are preferred by more experienced traders who are able to place these order types at key resistance and support levels, picking market swing points.<\/p>\n Market orders<\/strong>\u00a0are orders to buy at the current ask (offer) rate or sell at the current bid rate.<\/p>\n Stop loss orders<\/strong>\u00a0are orders to close a position at a predefined level set by the trader. This would normally be at a loss. These are technically stop buy and stop sell orders.<\/p>\n Take profit orders<\/strong>\u00a0are orders to close a position at a predefined level, normally at a profit. These orders are limit orders.<\/p>\n