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Stop loss orders insulate our decision-making from emotional influences. We don't have to monitor how a stock is performing daily. This convenience is especially handy when you are on vacation or in a situation that prevents you from watching your stocks for an extended period.

Stop-Loss Limit orders: Stop-loss limit orders are similar to stop-loss orders. However, as their name states, there is a limit on the price at which they will execute. There are then two prices specified in a stop-limit order: the stop price, which will convert the order to a sell order, and the limit price. Instead of the order becoming a market order to sell, the sell order becomes a limit order that will only execute at the limit price (or better).

Trailing Stop Loss orders: A Trailing Stop Loss is an automated trading order aimed at protecting gains and limiting losses. It sets a stop order at a specific percentage or dollar amount away from a security's market price. As the security price increases, the stop order trails along, moving up. Conversely, if the price decreases, the stop order remains stationary. This ensures that the trade remains open as long as the price is moving in the trader's favour, automatically closing if the market changes direction by the set percentage or amount. Essentially, a Trailing Stop Loss locks in profits while mitigating potential losses, providing an important risk management tool for investors. 

Cover order (CO): It is a variant of a trading position in the stock exchange – Market Order or Limit Order – accompanied by a Stop Loss Order. This in-built risk minimisation mechanism allows traders as well as brokers to go for higher leverage when buying or selling assets such as Equity cash, Equity Futures & Options, Commodity F&O, etc. And because the risk associated with trading reduces, a cover order margin requirement is also low.

In essence, a Cover Order constitutes two components of trading – initiating position (Market or Limit Order) and a Stop Loss Order. The SL order is essential and thus, compulsory to a Cover Order. It is placed simultaneously with a buy or sell order and cannot be cancelled later.

It is imperative to note that all Cover Orders must be squared-off before 3:10 p.m. every day or else an automatic square-off mechanism is triggered. Hence, this method of trading position is explicitly used by intraday traders.

Bracket Order (BO): A Bracket Order is a sophisticated trading technique that empowers traders to effectively manage their positions by placing three interconnected orders for a single trade. This innovative approach creates a "bracket" around the initial trade, providing traders with a comprehensive strategy to protect against market volatility and seize profitable opportunities.

Bracket Orders automate the trading process by setting a buy order (or sell order for short-selling), a profit target order, and a stop-loss order simultaneously, ensuring disciplined risk management and maximizing the potential for gains. It's like having a smart co-pilot in the world of trading, navigating through the ups and downs of the stock market with precision and confidence.

After Market Order (AMO): After Market Order allows to trade after the market hours when it is closed. One need to do is place order at the share price that he wish to buy or sell. It will automatically get executed at the market hours. This type of order is suitable if we do not have time to trade during market hours.

Good till Cancelled Order (GTC): Good till Cancelled Order allows you to trade until it gets fulfilled or cancelled. We can also set an expiry period for the period of execution.

Immediate or Cancel Order (ICO): It allows a client to buy or sell shares as soon as the order is released into the market, failing which, the order will be removed from the market. In case of a partial match for the order, the unmatched portion of the order is cancelled immediately. This order type can be used by active participants for buying/selling into companies, where there is an immediate or short-term impact emanating out of changes in business prospects.

All-Or-None (AON) Order: It is an order to buy or sell a security that must be executed in its entirety or not at all. This type of order is used when an investor wishes to buy or sell a security in a single transaction and is different from other types of orders in that the order must be filled in its entirety or not at all.

Fill-Or-Kill (FOK) Order: It is an order to buy or sell a security that must be executed in its entirety immediately or cancelled. This type of order is used when an investor wishes to buy or sell a security as quickly as possible and is different from other types of orders in that the order must be filled in its entirety immediately or cancelled.

Iceberg Order: An iceberg order is an order to buy or sell a large quantity of a financial security that, rather than being entered as a single, large order, is broken up into several smaller orders.

• Iceberg orders are primarily used by large, institutional traders who wish to conceal a large trade they are making.
• Using iceberg orders can help a trader execute a large buy or sell of securities in the market at a more favourable price.
• When a large order needs to be placed, it is divided into small orders and only the first order is placed on the exchange at first hiding the other small orders. On execution of first order, next order is placed automatically and so on
• If any order of the iceberg order is cancelled, all the remaining orders yet be placed will automatically get cancelled.
• Iceberg orders can't be used in case of stop-loss market orders.
• Minimum order value is Rs. 1 Lakh for equity and 5 lots for F&O.