What do different types of orders mean?
Market order – A market order is executed at the best bid or ask price available on the order book at the time of entry.
Limit order – With a limit order, the client sets a price for the purchase or sale of the securities.
On stop order – As soon as the trigger price is reached, a stop limit order becomes a normal limit order.
An on stop order is a purchase order, which must be executed immediately the security reaches a certain price level. As soon as the trigger price is reached, the order is executed at market.
Stop loss order – A stop loss order is a limited sell order. If the trigger price is reached, the order is converted into a market order and executed at the next best price.
Stop limit order – Once the trigger price is reached, a stop limit order becomes a standard limited order.
