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Types of orders

  • Market order: Order placed at current market rate
  • Limit order: A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher
  • Stop Order: A stop order activates a market order to either buy or sell a stock once the price of the stock reaches a specified price, known as the stop price. As the stop price is surpassed, the order becomes a market order i.e. as soon as the stock surpasses the stop price, it is bought or sold at the market price
  • Stop Limit order: A stop limit order activates a limit order to either buy or sell a stock once the price of the stock reaches a specified price. It has the same difference with stop order as the difference between a limit order and a market order. Example: A stock is trading at $40, an investor places a stop limit order with stop price $42 and limit price $42.80. As the stock crosses $42 the limit order is activated
  • Market-if-touched order: It is similar to stop order but the buy and sell happens the opposite way. In case of MIT buy order, the market order is activated when a lower level price is met. While in stop order the market order is activated when a higher level price is met
  • Discretionary order: A market order whose execution may be delayed at the broker’s discretion in order to get a better price
  • Time-of-day order: An order which is executed at a particular period of day
  • Open order: An order which is in effect until executed or until the end of the trading in the
  • particular contract
  • Fill-or-kill order: An order that must be executed immediately or not at all





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