Market Orders
These are orders to buy or sell a specified instrument as soon as possible at the price obtainable in the market. BUY: When placing a Market Order to buy, the order is filled immediately (when the market is open), at the best available price for the specified amount. SELL: When placing a Market Order to sell, the order is filled immediately (when the market is open), at the best available price for the specified amount.
Limit Orders
Limit Orders are commonly used to enter a market and to take profit at predefined levels. When a Limit Order is triggered, it is filled as soon as possible at the price obtainable on the market. Note that the price at which your order is filled may differ from the price you set for the order – if the market's opening price is better than your limit price. BUY: When Limit Orders to buy are placed below the current market price (passive order), it will be executed when the market reaches the price level specified. If the order is placed above the current market price (aggressive order), the order is filled instantly at the best available price below or at the limit price. SELL: When Limit Orders to sell are placed above the current market price (passive order), it will be executed when the market reaches the price level specified. If the order is placed below the current market price (aggressive order), the order is filled instantly at the best available price above or at the limit price.
Stop Orders
Stop Orders are commonly used to exit positions and to protect against trading losses. It's a resting order that will convert into a market order, once the order price has been reached. BUY: Stop Orders to buy are placed above the current market level and are executed when the market reaches the price level specified. SELL: Stop Orders to sell are placed below the current market level and are executed when the market reaches the price level specified.
Stop Limit Order
A Stop Limit Order will be executed at a specified price (or better) after your specified Stop Price has been reached. Once the stop price is reached, the Stop Limit Order becomes a limit order to buy (or sell) at the limit price or better. A resting order, which will convert into a limit order with a separately defined limit, once the order price has been reached.
Trailing Stop Order
A Trailing Stop Order is a stop order that has a trigger price which changes. As the market rises (for long positions), the stop price rises according to the proportion set by the user, but if the price falls, the stop price remains unchanged. This type of stop order helps an investor to set a limit on the maximum possible loss, without limiting the possible gain on a position.
Related (Contingent) Order
"If Done" – An "If Done" order consists of two orders: a primary order that will be executed as soon as market conditions allow it, and a secondary order that will be activated only if the first order is executed.
"One Cancels the Other" – A "One Cancels the Other (O.C.O.)" order consists of two orders. If either of the orders is executed, the related order is automatically cancelled. 3-way contingent orders are where two orders are placed if a primary (If Done) order is executed. These orders are themselves related as "O.C.O."