You are able to create custom stages for your deals to better define their statuses/types. Click here to view how to create a new deal. 

To create a deal stage, go to Deals > Deal Stages

Scroll down to the bottom and hit Add New Deal Stage. 

A blank field will appear for you to enter the Stage name, choose the status associate with that stage. 

Check the Delete box to remove any unwanted stage. This will apply upon saving. 

Click Save to complete. The created stages will be available under the Current Stage dropdown when creating a new deal.