The first thing to consider when opening a position is whether you think the price of Litecoin is going to go up or down. If you think the exchange rate will increase, then you open a buy order.
If, on the other hand, you expect the price to drop, then you open with a sell order.
Effectively, the order is reversed when closing a position. For example, if you made a buy order and the exchange price of Litecoin increases, then you issue a sell order to close the trade and take your profit. The situation is reversed when opening with a sell order.