Advanced Order Types

Employ stop-limit orders and trailing stops to lock in gains as prices move in your favor, ensuring your trades are optimized even when you're not actively engaged.

A Stop-Limit Order allows you to set a specific price (stop price) at which your order becomes a limit order, ensuring you buy or sell at a predefined price or better. This order type provides control over execution price while managing risk.

On the other hand, a Trailing Stop Order allows you to set a percentage or dollar amount below the current market price for a sell order. As the market price rises, the stop price also moves up, securing profits while protecting against potential reversals.

By using these advanced order types, traders can optimize their entry and exit points, automating their trading strategy for improved precision and efficiency.

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