Following is a brief description of the types of basic orders that can be placed in the Forex market:
Market Order
A market order is an order to buy or sell at the current market price. For example, EUR/USD is currently trading at 1.2045. If you wanted to buy at this exact price, you would click buy and your trading platform would instantly execute a buy order at that exact price.
Stop-Loss Order
A stop-loss order is a limit order linked to an open trade for the purpose of preventing additional losses if the price goes against you. A stop-loss order remains in effect until the position is liquidated or you cancel the stop-loss order. Stop-losses are extremely useful if you don’t want to sit in front of your computer all day worried that you will lose all your money.
Other Order Types
GTC (Good ‘til canceled)
A GTC order remains active in the Forex market until you decide to cancel it. Your broker will not cancel the order at any time. Therefore it is your responsibility to remember that you have the order scheduled.
GFD ( Good for the day)
A GFD order remains active in the Forex market until the end of the trading day. Because the foreign exchange is a 24-hour market, this usually means 5:00 p.m. EST since that is when the U.S. markets close, but you need to double check with your broker to determine the exact time of the end of the trading day.
OCO (Order cancels other)
An OCO order is a mixture of two limit and/or stop-loss orders. Two orders with price and duration variables are place above and below the current price. When one of the orders is executed the other order is canceled.
Example: The price of EUR/USD is 1.2020. You want to either buy at 1.2075 or sell at 1.1965. If the OCO order reaches the 1.2075, you will buy and the 1.1965 sell order will be automatically canceled.
The speculator aim in Forex trading is to profit from the movements of foreign currencies. The price of currency pair is referred to as a "Forex rate" or just "rate" for short. The proof that forex is really good investment option we need to compare it to other similar solutions. At its very minimum, the return on investment in forex should be compared to the return on the so called "risk-free" investments. Classical example of a risk-free investment is the 
If you are trading currencies, it is advisable to trade only when your expectations are that currency you are buying is going to increase in value compared to the currency you are selling. If it happens, you should sell back the other currency in order to lock in a profit. This open trade (sometimes called “open position”) is a classical example of trade in which the player has bought or has sold a particular currency pair and relatively has not yet sold or bought back the equivalent amount in order to close this position.
Closing Limit Order
There is another type of limit order that closes a transaction, and, often, it is listed simply as a limit order by the trading platform, but this is an order to close a transaction that has already been initiated. If the initial transaction was a buy, then the closing limit order will be a sell, and vice versa. It is not necessary to specify whether to buy or sell, since this will be determined by the initial transaction. It is only necessary to specify the price.
Closing limit orders are set to take profits, so if the quote currency was purchased, then the limit order will be higher than the purchase price; if the quote currency was sold, then the limit order will be less than the sale price. If the broker’s relevant bid or ask price never reaches your limit order, then the limit will not be triggered.
