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Order types

How to tell a broker what to do, and what can go wrong.

• Market order
  Buy or sell right now at the best available price.
• Limit order
  Buy or sell only at your price or better.
• Stop order
  An order that becomes a market order once a set price is reached.
• Stop-loss
  A stop order used to cap the loss on an open trade.
• Stop-limit order
  A stop that turns into a limit order instead of a market order.
• Trailing stop
  A stop that follows the price as it moves your way.
• Take-profit order
  A limit order that closes your trade when it reaches a profit target.
• OCO order (one cancels the other)
  Two linked orders: when one fills, the other is cancelled.
• Day order and GTC
  How long your order stays alive: until the end of the day, or until you cancel it.

Education only, not financial advice. No signals. Backtests are hypothetical: real trading can be worse. Past results don't predict future results.