mywiki:stock_order_type
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Stock Order Types
| Order type | Meaning |
| Market Orders (MKT) | buy or sell at the current price |
| Limit Orders (LMT) | buy or sell an asset at a specific price or better |
| Stop Orders (STP), or stop-loss | buy or sell an asset at the best available price but only if the market reaches a specific price |
| Stop-Limit Orders (STPLMT) | combine a stop order (trigger price) and a limit order to fine-tune what price |
| Trailing Stop Orders | |
| Market-If-Touched (MIT) Orders | Market-if-touched orders are similar to limit orders, except they don't guarantee a price |
| Limit-If-Touched (LIT) Orders | like an MIT order, but it sends out a limit order instead of a market order |
Basic:
- A market order is used to enter or exit a position quickly. This is the quickest way to fill an order, but it gives you the least control over the price.
- A limit order, on the other hand, ensures minimum selling prices and maximum buying prices, but they won't execute as quickly.
- A Stop orders are used to limit your losses with a market order when a trade turns against you.
- A Stop-limit orders employ the same tactics, but they use limit orders instead of market orders.
- A Trailing stop orders and trailing stop-limit orders use the same strategy to protect profits.
- A Market-if-touched orders trigger a market order if a certain price is touched.
- A limit-if-touched order sends out a limit order if a specific trigger price is reached.
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