What Is an Order?
An order is simply an instruction you give to your broker or trading platform to open or close a trade. You’re basically saying, "Hey, I want to buy or sell at this price, under these conditions." Today, most of this is done online through your trading dashboard — no phone calls required.
If you’ve ever placed a trade on a demo or live account, you’ve already used an order.
Let’s look at the most common types.
Market Orders: Instant Execution
A market order is the most straightforward type. You tell the platform, “Get me in or out of this trade now at the best available price.”
So, if GBP/USD is currently at 1.2500 and you click “Buy,” your trade will be executed as close to that price as possible — no waiting, no conditions.
You can use market orders to open or close positions, making them deal for fast-moving trades, allowing you to execute your position immediately at the current market price. Hoorah gives you the ability to use market orders as you work through your challenges, enabling quick decisions and trade executions.
Limit Orders: Waiting for the Right Price
Sometimes you don’t want to jump in at the current price. You might be watching Bitcoin and thinking, “If it drops to $64,000, then I’m buying.” That’s where limit orders come in.
Limit orders let you set a specific price level where your trade will automatically open. No need to stare at charts all day. For Hoorah Members, limit orders are a helpful tool when you want to enter positions at certain price levels without constantly monitoring the markets.
There are four main types:
- Buy Stop – Open a buy position above the current price.
- Buy Limit – Open a buy position below the current price.
- Sell Stop – Open a sell position below the current price.
- Sell Limit – Open a sell position above the current price.
These orders give you more control and can help you enter at key levels without emotional decision-making.
Stop vs Limit: What's the Difference?
This can get confusing at first, but here’s the basic idea:
- A stop order executes when price moves worse than the current level.
- A limit order executes when price moves better than the current level.
So if you’re going long, a buy limit means you’re trying to get in at a cheaper price. A buy stop, on the other hand, is used when you want to jump in after price has broken above a key level. The same concept applies to short trades.
Understanding the difference is essential to controlling your entries and exits, whether you're using these orders during your Hoorah challenges or with a funded account.
How Long Does an Order Stay Active?
When setting an entry order, you also decide how long it stays live. Here are the common options:
- Good 'Til Canceled (GTC) – The order stays active until you cancel it or it triggers. Great for longer-term setups.
- Good 'Til End of Day (GTD) – Automatically cancels at the end of the trading day. Useful for short-term trades.
- Good 'Til Time (GTT) – You choose the exact time and date when the order should expire.
This flexibility lets you match your trading strategy and schedule without worrying about forgetting to cancel an old order. This flexibility in order duration is available on Hoorah, making it easier for traders to manage their trades according to their strategies and schedules.
Final Thoughts: Use This for Hoorah’s Challenges
Orders are more than just buttons you click — they’re tools that give you structure, discipline, and control over your trading. Whether you’re using a market order for instant execution or setting a buy limit to catch a dip, understanding how orders work is a core part of becoming a confident trader.
Ready to put this into practice? Use limits and market orders during your Hoorah challenges to open smarter positions and hit your profit targets. Every trade starts with the right order — so get comfortable, get strategic, and take your shot.