Order Types
Market Order
The Market Order is used for quick entry or exit at available market price. If you enter a Market Order, you state the number of contracts you want to buy or sell in a given contract (commodity, month and year). You do not specify a price, since your objective is to have the order executed as soon as possible at the best possible price. Once a Market Order is placed it can’t be canceled.
Limit Order
A Limit Order specifies a price limit at which the order must be executed. In other words, it must be filled at that price or better. The advantage is that you know the worst price you will get if the order is executed. The Limit Order is used when price is more important than time.
Stop Order
A Stop Order is when the market reaches a given price (the stop price), at which time it becomes a Market Orders. It’s a Buy Stop when the order is placed above the current market price, and it’s a Sell Stop when the order is placed below the current market price. M.I.T. Order The Market If Touched is executed at the next best price when market trades at specified price level.
G.T.C. Order
The Good Till Canceled is used in conjunction with a Limit or Stop orders. The order will remain valid and worked until client cancels the order, it is filled, or the contract expires. GTC orders does not cancel automatically. If an order is not designated as Good Till Canceled, it is a Day Order and it will expire at the end of the current trading session unless filled or canceled prior to the close.
O.C.O. Order
One (order) Cancels (the) Other. Whichever order is executed first causes the other to be automatically canceled.
O.S.O. Order
One (order) Sends (the) Other. When order is executed it causes the other to be automatically entered.
M.O.C. Order
The Market On Close Order will be filled at market within the closing price range.
All orders, except Market Orders, can be canceled and replaced with a different order unless filled prior to cancellation.
Not all exchanges accept all types of orders.
The Market Order is used for quick entry or exit at available market price. If you enter a Market Order, you state the number of contracts you want to buy or sell in a given contract (commodity, month and year). You do not specify a price, since your objective is to have the order executed as soon as possible at the best possible price. Once a Market Order is placed it can’t be canceled.
Limit Order
A Limit Order specifies a price limit at which the order must be executed. In other words, it must be filled at that price or better. The advantage is that you know the worst price you will get if the order is executed. The Limit Order is used when price is more important than time.
Stop Order
A Stop Order is when the market reaches a given price (the stop price), at which time it becomes a Market Orders. It’s a Buy Stop when the order is placed above the current market price, and it’s a Sell Stop when the order is placed below the current market price. M.I.T. Order The Market If Touched is executed at the next best price when market trades at specified price level.
G.T.C. Order
The Good Till Canceled is used in conjunction with a Limit or Stop orders. The order will remain valid and worked until client cancels the order, it is filled, or the contract expires. GTC orders does not cancel automatically. If an order is not designated as Good Till Canceled, it is a Day Order and it will expire at the end of the current trading session unless filled or canceled prior to the close.
O.C.O. Order
One (order) Cancels (the) Other. Whichever order is executed first causes the other to be automatically canceled.
O.S.O. Order
One (order) Sends (the) Other. When order is executed it causes the other to be automatically entered.
M.O.C. Order
The Market On Close Order will be filled at market within the closing price range.
All orders, except Market Orders, can be canceled and replaced with a different order unless filled prior to cancellation.
Not all exchanges accept all types of orders.
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