Order Types
Market order
Immediate execute at the best price available when the order reaches the marketplace.
Limit order
Execute a transaction only at a specified price (the limit) or better
Stop order
A stop order (sometimes known as a stop loss order) is an order to buy or sell a security once the price of the security reaches a specified price, known as the stop price. When the specified price is reached, the stop order is entered as a market order. Stop orders are used to try to limit an investor's exposure in the market.
With a stop order, the customer does not have to actively monitor how a stock is performing. However because the order is triggered automatically when the stop price is reached, the stop price could be activated by a short-term fluctuation in a security's price. Once the stop price is reached, the stop order becomes a market order. In a fast-moving market, the price at which the trade is executed may be much different from the stop price.
The use of stop orders is much more frequent for stocks and futures, that trade on an exchange than in the over-the-counter (OTC) market.
Good till canceled
Fill-or-kill
All or None
Day order