Forex Order Types

There are a number of different ways to buy and sell on the forex/currency market:

Market Order
An order place by the trader to buy a currency at the current market price. This is the standard, simplest order possible.

Limit Order
A buy or sell order for a currency at a specified price.

Stop-Loss Order
A sell order for a certain price. It is basically a limit order for a currency you already hold. It is used to automatically limit your losses.

Limit Entry Order
An order to buy below the market price or sell below.

OCO Order
An order that cancels out another of the same amount.

GTC
The order stays in the market indefinitely, until it is filled or the trader decides to finally cancel it.