Hello @HeavyW and welcome to the community.
Understanding order types is definitely important for any futures trader, even beginners like yourself. While just knowing about the orders won’t automatically make you a better trader, having them in your toolkit allows you to implement strategies more effectively and react to different market conditions.
A big benefit is the risk management abilities different order types give you. Stop-limit or Stop orders, for example, help ensure you get out of losing positions at a defined loss amount. Bracket orders allow you to set a profit target and stop-loss upfront. Using these can protect your capital as you learn.
Beyond risk management, order types give you flexibility to take advantage of opportunities. In fast moving markets, you may want a market order to guarantee execution(market order). Limit orders get you better prices if you aren’t in a rush. As you gain experience, you’ll get a feel for which types to use in different situations.
I’d recommend taking the time to thoroughly learn the pros and cons of the main order types. Focus on how they can be used in your trading strategies. That foundational knowledge will prepare you to use orders effectively as conditions change. Over time, you’ll gain experience with which ones work best for your style and strategies.
The order types are tools in your toolkit - having them available is invaluable, but how and when you employ them determines success. Keep learning them inside and out, and you’ll be able to trade confidently as situations arise.
Let us know if you have other questions.
There is a substantial risk of loss in futures trading. Past performance is not indicative of future results. The placement of contingent orders by you or broker, or trading advisor, such as a “stop-loss” or “stop-limit” order, will not necessarily limit your losses to the intended amounts, since market conditions may make it impossible to execute such orders.