There are different types of orders executed in the forex market. Let us have a look on them.

1. Market order- this order refers to the sell or purchase at the current market price. If you wish to purchase USD/ EUR at its existing price, you just have to click BUY and your order will be implemented immediately at the price quoted.
2. Limit order- a limit order is used to sell or purchase a currency at a particular price and within a particular time frame. Hence, this order has two parts: duration and price. It works in the following way: first your own analysis signifies that it is the best time to purchase USD/ EUR, if at all the price strikes 1.3938 in the coming few days. You can place a purchase limit order and fix the price 1.3938 and you can hence specify the clearly specify the duration you wish to keep your order active. By making use of this limit order, one can avoid sitting in front of the PC while waiting for the currency pairs reach a particular price where you wish to sell or purchase.
3. Stop-Loss order- this order, as the name specifies performs the similar functions. It protects the supplementary monetary losses, if the current trade goes against your planning. It is live till the stop loss order is activated or till you cancel it. It works in the following way: you first make an order to purchase USD/ EUR at 1.3938. Similarly, you place a stop loss order at 1.3908. Hence if your opinion is incorrect and the trade goes against you, you will never lose more than thirty pips. Your forex broker will implement the sell order and close your position automatically for a 30-pip loss.
4. Good ‘Til Canceled- this order is exactly to what it sounds. It is active till the time you cancel it. It does not happen automatically. Once you place the order, it is upon you to keep a watch on it.
5. Good for the Day- if you wish to make an order that should remain active only for single day that is, till the end of the day, this order is for you. For the United States, it simply means that it will stay active till 5.00 pm EST. However, one needs to confirm with their broker to ensure about it.
6. Order Cancels Other- this kind of order functions with two other orders known as Stop-Loss order and Limit Order. If one of the two is implemented, the second one gets cancelled. In this type of order, the rates of the purchase order are always greater than the existing market price and that the rates of the sell order are always lower than the existing market price of the currency.