# Trade Order Types & Definitions

Definitive strives to offer advanced order types to complement both trading strategies as well as risk management.  This table summarizes the trade order types offered on Definitive, and when it may be appropriate to use each one.

<table data-header-hidden><thead><tr><th width="114.0816650390625">Order Type</th><th width="374.0723876953125">Definition</th><th>Best For</th></tr></thead><tbody><tr><td><strong>Order Type</strong></td><td><strong>What It Is</strong></td><td><strong>Best For...</strong></td></tr><tr><td>Market Buy/Sell</td><td>Buy/sell immediately at best current price</td><td>Urgent trades, liquid markets, small orders</td></tr><tr><td>Limit Buy/Sell</td><td>Buy/sell at a specified limit price.  Guarantees execution at the specified limit price or better.  Can result in a partial fill if only part of the trade can be filled at the desired limit price. Will not execute if estimated price impact, slippage, etc results in execution price being lower than specified Limit Price.</td><td>When entry/exit price matters</td></tr><tr><td>TWAP Buy/Sell</td><td>Breaks large order into smaller segments executed over specified timeframe to minimize price impact and slippage. Segment sizes and execution times are randomized over the specified duration.</td><td>Large trades, thin/low liquidity tokens to minimize price impact and slippage</td></tr><tr><td>Stop Buy</td><td>Buy at a specified stop price above or below current price.  Inactive until specified stop price is met, after which a market buy is executed.</td><td>Entering on momentum, breakout strategies</td></tr><tr><td>Stop Loss</td><td>Sell at a specified lower stop price to limit losses.  Inactive until specified stop price is met, after which a market sell is executed.</td><td>Risk management to limit losses</td></tr><tr><td>Take Profit</td><td>Sell winning position at a specified higher price to lock in gains.  Unlike a Limit Sell, a market sell is executed when the higher trigger price is hit and actual execution price may differ (be worse) compared to trigger price due to price impact, slippage.</td><td>Short-term profit targets, complement to stop loss</td></tr></tbody></table>