# Order Types

### **Order Types**

* **Market Order**: An order that is executed immediately at the current market price.
* **Limit Order**: An order that is executed at a selected limit price or better.

### **Order Options**:

* **Reduce-Only**: An instruction that only reduces an existing position, rather than opening a new one in the opposite direction.
* **Take Profit (TP)**: An order that is triggered when the take-profit price is reached.
* **Stop Loss (SL)**: An order that is triggered when the stop-loss price is reached.

Take profit (TP) and stop loss (SL) orders are commonly used by traders to set targets, protect profits, or limit losses. Both take profit and stop loss orders are market orders.<br>


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