In FX trading, a market order is an order to buy or sell a currency immediately, whether it is undertaken in the spot or forward market. This type of order guarantees that the order will be executed, but does not guarantee the execution price. A market order generally will execute at or near the current bid (for a sell order) or ask (for a buy order) price. However, it is important for traders and risk managers to remember that the last-traded price is not necessarily the price at which a market order will be executed. Other types of FX orders include limit orders, stop-loss orders and take-profit orders.