MogoTrade: Types of Orders

Definition

Limit order

A limit order is an order to buy a security at a specified maximum price, or an order to sell a security at a specified minimum price.

Stop limit order

Stop limit orders allow you to set a stop price and limit price at the same time. Once the market price reaches the stop price, the order is converted to limit order and the order is executed at the limit price or better

Market order

A market order is an order for immediate execution, at the best available price, and where no stop limit price has been specified.

A market order allows you to buy and sell a specified number of securities at the prevailing market price at the time of order submission. Market orders have a greater likelihood that the order will be completed but there are no guarantees as stocks are subject to availability.

Good for day order

A day order is only valid for the day of its entry.

• If you cancel a GTC order in after-hours, it will stay in a cancelling status until closer to when markets open (9:00 am EST), at this point it will be processed and put into a canceled status.
• If you have an open GTC order for a symbol, and that symbol undergoes a corporate action, it will be automatically canceled
• You can see if an order you have placed is a GTC order, by going to the order receipt and viewing the "time in force" section that should say "good till canceled"