> For the complete documentation index, see [llms.txt](https://tradewithonyx.gitbook.io/docs/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://tradewithonyx.gitbook.io/docs/trading/types-of-orders.md).
# Types of Orders
### Basic Order Types
* Market Order: Executes immediately at the current market price.
* Limit Order: Executes at a specified price or better.
* Stop Market Order: Becomes a market order once the asset reaches the chosen stop price. Commonly used to limit losses or secure profits.
* Stop Limit Order: Becomes a limit order once the stop price is hit.
* Scale Order: Places a series of limit orders across a defined price range.
* TWAP (Time-Weighted Average Price): Splits a large order into smaller chunks, executed every 30 seconds to minimize market impact. Each suborder is limited to a maximum slippage of 3%.
***
### **Additional Order Options**
* Reduce Only: Ensures the order only reduces an existing position, never increases or flips it.
* Good Til Canceled (GTC): Stays active on the order book until filled or manually canceled.
* Immediate or Cancel (IOC): Executes all or part of the order immediately; cancels any unfilled portion.
* Post Only (ALO): Adds the order to the book without matching immediately which ensures maker-only execution.
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