I am actually making music using SONAR X2 Producer Edition and I mainly compose Epic Orchestral Scores (like we hear in movies). Since I currently own a FocusRite audio interface (or sound card), I want to buy a good set of studio stereo speakers in order to get a great sound quality, with a flat response (I do not want bass-boosted or treble-boosted speakers. I am searching for a crystal clear sound) and that would fit well in my room.
 
I heard about M-Audio monitors as well as Adam monitors (It can be anything, I'm just suggesting!). As a classical-trained musician I would prefer wooden-styled monitors (like the M-Audio m3-8  ) but still performance and quality matter more to me.
 
Any recommendations? Feel free to share your opinions! Thank you very much everyone!!
 
P.S: my budget is around 500$. It's not a lot, but for a college student this is the most I can currently afford.

For best possible quality within that budget I'd look for a second hand pair.
For 500$/pair there are quite nice ones new as well, but surely nothing you could seriously call studio-quality for orchestral music. For "great" sound quality 500$ a piece is hardly enough.
I don't have knowledge/experience enough to recommend something for orchestral music, but in general for example Adam and Genelec are trusted brands. The more knowledgeable forumites tell you more, I'm sure.
 
No matter how good speakers you'll find, your room acoustics must be in condition to get the best out of them. 1000$ speakers give 10$ results if the room sabotages the sound.

Bear in mind that personal preference plays a large part when choosing speakers.  Something that one user recommends may sound awful to the next person.  You need to spend as much time as possible listening before buying and eventually choose something that you can live with.  If you find yourself focusing on the music and forgetting about the speakers, then maybe you have found the right ones for you.

honestly 500 wont get you very far as far as 'studio quality'
 
 
that term, 'studio quality', means different things to different people.
 
folks that own serious studios, will drop four thousand dollars on a set of monitors without blinking.
pros, 10 grand easy.
 
but if that's the budget, that's it.
 
do a lot of research.
 
i like the KRK line myself, yamaha makes good monitors, Jbl, maudio, Mackie.
 
 
if you can up it to about $750, you will have several really decent choices in that range..
 
 
 
 
but it almost does not matter WHAT you get, if you do not treat your room first.
 

On a budget, a lot people testify that the Equator D5 monitors are a great value. I think for budget monitors, I get good transferable results using the Mackie MR5mk2's. 
 

Is everyone here a freaking spinal surgent? One can't just drop 2000$ in a set of monitors for their musical hobby!
 
Nah I'm just kidding, I just want to keep my bank account with no debts. I knew 500$ would not be enough but I want to get the very best of it. Here I got several pairs of monitors that would fit into my budget, but now I need your opinions about them.
 
-M Audio m3-8:  really nice design. Around 600$ for a pair
-Adam F5:  looks VERY good on paper. Around 500$ for a pair.
-Mackie MR8mk2:  good reviews about it and clear design. Around 500$ for a pair.
 
So these are the three best monitors I found for the price. I also looked at the KRK line I just don't like them. I'll try to shop them in town to hear them and see what's more convenient to me.
 
Thanks for your replies guys! Carry on posting.
EDIT: +1 for musicroom.

don't just look at prices.
or read reviews.
 
LISTEN
 

batsbrew
don't just look at prices.
or read reviews.
 
LISTEN
 

that's what I wrote at the end of my post.

if you haven't heard the krk's yet, i was just wondering what you based your opinion on......?

batsbrew
if you haven't heard the krk's yet, i was just wondering what you based your opinion on......?

It's alright friend, just chill out :P It is mostly because I don't like their design and many people do pop music with them. I saw really good reviews about them (for all kind of music styles) but having KRK Monitors in my room would be like wearing purple Converse shoes with a complete suit at work. It doesn't fit very well (esthetically speaking) but yes it would probably do the job.
 
I don't think KRK design their yellow monitors for Orchestral work, get it? I may be tight on budget, and so on choices but I think I can still find some other interesting options :)