The two main Forex pending order types, the take profit and the stop loss order. While the first one can be used (or not at all) without any limitations, the second one should always be present every time you open a trading position. The simple reason for this statment? Protect your account capital from unexpected surprises in this extremely volatile market.

Part of our multimedia library, learn in this video how does stop loss and take profit orders work in Forex and how to use them in your trading strategy.

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If you would like to know more about other Forex order types available on your trading platform, please read our complete article Understanding Forex Order Types: Buy Limit, Buy Stop, Sell Limit, Sell Stop, & Market Order.