Every platform offers the same handful of order types. Knowing which to use is the difference between getting the price you expected and getting a nasty surprise.
Market order
Buys or sells right now, at the best available price. Fast and certain to fill — but in a fast or thin market the price you get can be worse than the one you saw. That gap is called slippage.
Use it when getting in or out now matters more than the exact price.
Limit order
Fills only at your price or better. A buy limit sits below the current price; a sell limit sits above it. You control the price, but the trade may never execute if the market doesn't reach it.
Use it to enter patiently or take profit at a set level.
Stop (stop-loss) order
Becomes a market order once the price hits your stop level, closing a losing position before it gets worse. This is the single most important risk tool most beginners underuse.
A stop is not guaranteed — in a gap or fast move it fills at the next available price, which can be worse than your stop. That's normal mechanics, not a glitch.
Guaranteed stop
Some brokers offer a guaranteed stop-loss that fills at exactly your level even through a gap — usually for a small premium or wider spread. Useful around known high-volatility events.
A simple rule
Decide your exit before you enter. Set a stop on every position and size it so that hitting the stop costs only a small, pre-planned fraction of your account — see risk management basics.
Educational content only, not financial advice. Trading carries risk and most retail accounts lose money.