RESOURCE · PRINTABLE CHEAT SHEET
Forex order types cheat sheet
Every forex order is one of a handful of building blocks. This one-page reference shows what each order does, where it sits versus the current price, and when you would reach for it — on a sheet you can print and keep by the screen. Free, no sign-up.
Updated 2026-09-07 · Educational content · No broker owns this site
Quick answer. Four building blocks cover almost every forex order. A market order enters now; a limit order enters only at a better price you name; a stop order enters once price breaks a level; and a stop-loss exits to cap your loss. Three ways in, one way out.
Beginners rarely lose money because they picked the wrong order type — they lose because they never attached a stop. Still, knowing the four building blocks stops a whole class of avoidable mistakes, like placing a buy above the price when you meant below it. Print this page, or copy the table, and keep it where you can see it before you click. If you are still fuzzy on how price is even quoted, read what is a pip first; for the one order that protects an account, see stop-loss.
Source: FirstPip knowledge base — Forex order types (market, limit, stop, stop-loss). Corroborated against BabyPips. Definitions only; nothing here predicts whether a trade wins.
The forex order types cheat sheet
| Order | What it does | Where it sits vs price | When you would use it |
|---|---|---|---|
| Market | Buys or sells straight away at the best price available now | At the current price | You want in or out immediately and will accept the current price |
| Buy limit | Buys only if price falls to a better level you set | Below the current price | You want to buy a pullback into support |
| Sell limit | Sells only if price rises to a better level you set | Above the current price | You want to sell a rally into resistance |
| Buy stop | Buys only once price rises through a level you set | Above the current price | You want to trade an upside breakout |
| Sell stop | Sells only once price falls through a level you set | Below the current price | You want to trade a downside breakout |
| Stop-loss | Closes an open trade to cap the loss if you are wrong | Below entry on a long, above entry on a short | Every leveraged trade — decide it before you enter |
| Take-profit | Closes an open trade at your target once it is reached | Above entry on a long, below entry on a short | You want to book the win without watching the screen |
A stop-loss is simply a stop order attached to an open trade, and a take-profit is a limit order attached to one — the same four building blocks, used to exit. "Slippage" is the gap between the price you expected and the price you got, worst around high-impact news.
Print it. Use your browser's print function — the navigation, banner and sign-up form are removed automatically, leaving just the cheat sheet and table.
Why is each order on the sheet?
The sheet is built around one distinction that beginners keep tripping over: limit orders and stop orders sit on opposite sides of the price. A limit order is for getting a better price than now, so a buy limit waits below the market and a sell limit waits above it. A stop order is for entering only after price confirms a move, so a buy stop waits above the market and a sell stop below it. Put a buy where you meant a sell-side level and you either never get filled or you chase a breakout you did not intend — a mistake that has nothing to do with your analysis and everything to do with the order ticket.
The market order earns its place because it is the one that always fills, at the cost of accepting whatever price the market offers — which in a fast, news-driven moment can be several pips worse than the number you saw. The two exits are on the sheet because they are where discipline actually lives: a stop-loss is the order that caps a loss when you are wrong, and a take-profit books a win without you having to sit and decide in the heat of the moment. None of these orders make a trade more likely to win; they decide how much a trade can cost you and whether you exit on a plan or on emotion.
How do you use the cheat sheet before a trade?
Pick the entry order that matches your plan, then attach the exits before you commit — never after. Run these four checks each time:
- Which entry does my plan call for? In now (market), a better price (limit), or only on a breakout (stop)? Choosing deliberately stops the buy-limit-versus-buy-stop mix-up.
- Is a stop-loss attached before I enter? Decide where the idea is proven wrong, then place the stop there — not at an arbitrary distance.
- Do I know, in money, what I lose if the stop is hit? Size the position so that loss stays inside your risk unit. The position size cheat sheet turns the stop distance into a lot size.
- What is my exit if I am right? Set a take-profit, or a written rule for when you will close a winner.
Those checks are the heart of the pre-trade checklist, and the reasoning behind fixing a risk unit is in risk per trade. Brand new to all of this? Start on the beginner path and come back to this sheet once you are ready to place your first order.
Frequently asked questions
What are the main forex order types?
Three entry orders and two exit orders. Market enters now at the current price; a limit order enters only at a better price you name; a stop order enters once price breaks a level. A stop-loss exits to cap a loss and a take-profit exits at your target.
Is a buy limit above or below the current price?
Below. A buy limit is an order to buy at a better (lower) price, so it sits below the market. The order that sits above the market is a buy stop, used to enter on an upside breakout. Beginners mix these two up constantly, which is why the cheat sheet lists both sides.
What is the difference between a stop order and a stop-loss?
A stop order is an entry that triggers once price passes a level. A stop-loss is that same mechanism attached to a trade you already hold, used to close it and cap the loss. Same building block, one gets you in and one gets you out.
Do I need a stop-loss on every trade?
When you trade with leverage, a stop-loss is what caps the size of a loss if the market moves against you. It can occasionally trigger just before price turns, but trading leveraged money with no exit plan is how beginners lose a large amount in a single move.
What is slippage?
Slippage is the gap between the price you expected and the price you actually got. It happens with market orders in fast markets — for example around high-impact news — where the best available price can move in the instant your order fills.
Sources
- FirstPip knowledge base — Forex order types: market, limit, stop, stop-loss (S008, S013)
- BabyPips — Types of Forex Orders
- BabyPips Forexpedia — Entry Order