Typically, orders are instructions from the buyer's side to the seller's side regarding how to buy and sell financial instruments. These orders are standardized to some extent. In most situations, the orders and order types are determined by the broker used and the exchange.
Order types are the types of orders that are found in trading systems and on exchanges in general. Often you look at market orders, limit orders, and conditional orders. In the conditional orders category, we have stop-orders and other orders with special conditions for execution.
Other types exist as well, but they are considered to be synthetic orders because they are combinations of the types previously described. Order types can be one of the following:
Market order
Limit order
Conditional and stop-orders