Most beginners only learn market and limit orders, but real exchange mechanics involve a spectrum of conditional instructions that interact with the order book in different ways. A stop order rests off-book until a trigger price is touched, then converts to a market order — meaning it consumes liquidity rather than providing it. A stop-limit order adds a limit price after the trigger, protecting against slippage but risking non-execution in fast markets.

Advanced traders also use Iceberg orders and Time-in-Force (TIF) instructions to control how their intent is revealed to the book.

IOC (Immediate-or-Cancel): fills what it can instantly, cancels the rest
FOK (Fill-or-Kill): must fill entirely in one shot or is cancelled
GTC (Good-Till-Cancelled): rests on the book until filled or manually pulled
Iceberg: shows only a small tip quantity; the rest is hidden

Order Type	Adds Liquidity?	Execution Risk
Limit (GTC)	Yes (maker)	May never fill
Market	No (taker)	Slippage
Stop-Market	No (taker)	High slippage
Stop-Limit	Maybe	Non-execution