What is a Market Order?

A market order is an order to buy or sell immediately at the current prices of the trade. Market orders are placed when the priority is to get the orders filled rather than the best price obtainable.

A market order is most basic and simple type of order. The order has no control over the execution price and is filled at the prices available in the market. During times of high volatility, the executed prices paid or received will be quite different from the price when the order was entered.



What is a Limit Order

An order to buy or sell at a specific price or better; giving traders control over the execution price. Limit orders are best used when the trader prioritizes execution price over the certainty of execution because limit orders may only be partially filled during time of high volatility. Unfilled orders will remain on the order book until the orders get filled or cancelled. 



What is a Stop Order

An order to buy or sell that gets activated when its price surpasses a particular point (the stop price), thus ensuring a greater probability of achieving a predetermined entry or exit price, limiting the loss or locking in the profit. Once the price surpasses the predefined entry or exit point, the stop market order becomes a market order.



What is a Stop Limit Order


An order to buy or sell that gets activated when its price surpasses a particular point (the stop price), thus ensuring a greater probability of achieving a predetermined entry or exit price, limiting the loss or locking in the profit. Once the price surpasses the predefined entry or exit point, the stop limit order becomes a limit order at the limit price specified.




What is a Trailing Stop Market Order


A stop market order that can be set at a defined amount away from the current market price. A trailing stop for a long position would be set below the current market price; for a short position, it would be set above the current price. A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the right direction, but closing the trade if the price changes direction by a specified amount.




What is a Trailing Stop Limit Order


A stop limit order that can be set at a defined amount away from the current market price. The limit price can also be set at a defined amount away from the stop price. A trailing stop for a long position would be set below the current market price; for a short position, it would be set above the current price. A trailing stop is designed to protect gains by enabling a trade to remain open and continue to profit as long as the price is moving in the right direction, but closing the trade if the price changes direction by a specified amount.




What is a Fill or Kill Order


A Fill or Kill order is an order to buy or sell that must be executed immediately or within a few seconds in its entirety; otherwise the entire order is cancelled. No partial executions are allowed.




What is a Immediate or Cancel Order


A market or limit order that is to be executed in whole or in part as soon as the order is received. Any residual balance is cancelled.




What is a Reserve Order


Also known as “Hidden and Iceberg” order is where the order size is not displayed. Orders with no displayed liquidity are referred to as "Hidden Orders." Orders wherein displayed liquidity is greater than zero, but less than that of the full order size, are referred to as "Iceberg Orders.” 


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