Order Types

Instant Execution:

A Instant Execution does not specify a price, it is executed at the best possible price available. A Instant Execution can keep the customer from 'chasing' a market.

Stop Order:

Stop orders can be used for three purposes:

1. to minimize a loss on a long or short position
2. to protect a profit on an existing long or short position, or
3. to initiate a new long or short position.

A buy stop order is placed above the current market and is elected only when the market trades at or above, or is bid at or above, the stop price. A sell stop order is placed below the current market and is elected only when the market trades at or below, or is offered at or below, the stop price. Once the stop order is elected, the order is treated like a market order and will be filled at the best possible price.

Stop Limit Orders:

A stop limit order lists two prices and is an attempt to gain more control over the price at which your stop is filled. The first part of the order is written like the above stop order. The second part of the order specifies a limit price. This indicates that once your stop is triggered, you do not wish to be filled beyond the limit price. Stop limit orders should usually not be used when trying to exit a position.

Stop Close Only:

The stop price on a stop close only will only be triggered if the market touches the stop during the close of trading. The disadvantage of this order is a fast market in the last few minutes of trading may cause the order to be filled at an undesirable price. It can, however, protect the customer from getting filled during adverse price fluctuations during the course of the day.