As you develop your own trading style and strategy, you will notice that different setups require a different type of entry.
Many traders prefer to preset orders without knowing the full mechanics of this method. However, preset orders can remove emotional conflict and make it easier to stick to the original trading plan.
The downside to preset orders is around the assumption that the trader is not monitoring the price action when the position gets filled, and is not able to confirm that the market favours their plan.
Some exchanges also do not have a feature that allows a trader to set a stop loss alongside their preset order. So their position may get filled only for the market to move beyond their entry point and continue, leaving them in a position that is now in a heavy loss.
Market orders allow for one to confirm their strategy alongside real-time market data and enter immediately. Of course, there are drawbacks to this strategy such as; inexperienced traders may become emotionally conflicted when it's time hit the button.
Alerts provide the expert trade with a great edge over the market. They've planned the trade to identify the price area where they want to set an alert, when their alert goes off they can quickly monitor the current price action and identify whether or not the market confirms their strategy and then enter.
Use the demonstrations in this video to fully understand the pros and cons of each strategy, and recognise how a professional trader prepares for a trade entry.