![\"Order-types1\"](\"http:\/\/www.icmarkets.com\/blog\/wp-content\/uploads\/2017\/12\/Order-types1.jpg\")
<\/a>\n<\/p>\n\n\tStop orders<\/strong> are 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.\n<\/p>\n \n\tLimit orders<\/strong> are 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.\n<\/p>\n \n\tMarket orders<\/strong> are orders to buy at the current ask (offer) rate or sell at the current bid rate.\n<\/p>\n \n\tStop loss orders<\/strong> are 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.\n<\/p>\n \n\tTake profit orders<\/strong> are orders to close a position at a predefined level, normally at a profit. These orders are limit orders.\n<\/p>\n