The two main order types are: market orders and limit orders
A market order is an order to buy or sell a stock at the market’s current best available price.
A limit order is an order to buy or sell a stock with a restriction on the maximum price to be paid or the minimum price to be received.
You may have your preference of order type. However, in order to decide which suits best in different situations, you should know the characteristics of both order types.
The main risk of a market order is that the outcome of the price can be significantly different than you expected.
The risk of a limit order is that the order won’t be executed.
A stop-loss order enables you to define the level where a position must be closed to prevent losses to become too big.