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Forex market has some basic order types like Market Orders, Stop Losses, Limit Orders, etc. Depending on a particular broker they may vary slightly retaining the basics. Some automated orders are generated at pre-determined exchange rate.
Once you have decided to enter the Forex trading world, one of the first things you will have to do is downloading the trading station provided by your chosen forex broker for free. When you open your trading station software, you will find there are two main ways to enter a market or, said in another way, there are two ways to place an initial order to buy or sell any currency pair.
It is extremely important for the investors to know about different Forex orders to protect themselves and to earn more profits from the forex market.
1st type: The market order
An order to buy or to sell at the current market price, Customers using some automated trading platform can simply click on the buy or sell option after specifying the size of the deal. The order gets executed instantly; you can place market order by phone as well, which may take few seconds more. When a market order is placed, you are simply saying "I'll buy or sell the currency pair at whatever price it is at when my order gets processed."
2nd type: The limit order
Recommended if you can't monitor your open trade, Limit order is an order to buy or sell at a certain limit. They can be used to buy currency below the market price or sell currency above the market price. When buying, your order is executed when the market falls to your limit order price. When selling, your order is executed when the market rises to your limit order price. There is no slippage with limit orders…….
In other words, Limit Orders can be defined as a market order when the currency pair reaches a specific price level.
Limit orders can be classified into:
1. Buy limit order which is executed to limit price or lower
2. Sell limit order which is for limiting price or higher.
3rd type: The stop-loss order
It Is the most important order in my point of view because it is used to limit or (in other words) to stop the loss for a particular transaction and it is always placed below the current market value of that currency pair when you are in a long or buy trade and it's used to stop losses.
It can also be defined as a market order for a currency pair when it attains a specific price level. The order is placed below the current market price for the currency… Whereas limit orders are placed to enter the market.

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