I had initially intended to describe and comment on the various types of market orders, but I think this post functions better as a simple bulleted reference.
Buy Orders
- Market Order (n shares)
- Buy n shares immediately at whatever the market price is.
- Stop Order (n shares, s stop_price)
- When the market price exceeds s, place a market buy order for n shares.
- Limit Order (n shares, m limit_price)
- Buy up to n shares at any price below m.
- Stop-Limit Order (n shares, s stop_price, m limit_price)
- When the market price exceeds s, place a buy limit order for n shares with a limit price of m.
- Trailing-Stop Order (n shares, tsd trailing_stop_dollars OR tsp trailing_stop_percent)
- When the market price goes up more then tsd dollars or tsp percent above the security's lowest price since the order was placed, place a market order for n shares.
Sell Orders
- Market Order (n shares)
- Sell n shares immediately at whatever the market price is.
- Stop Order (aka "Stop Loss") (n shares, x price)
- When the market price goes below*x, place a market sell order for **n* shares.
- Limit Order (n shares, x limit_price)
- Sell up to n shares at any price above x.
- Stop-Limit Order (n shares, s stop_price, m limit_price)
- When the market price goes below s, place a sell limit order for n shares with a limit price of m.
- Trailing-Stop Order (n shares, tsd trailing_stop_dollars OR tsp trailing_stop_percent)
- When the market price goes down more then tsd dollars or tsp percent below the security's highest price since the order was placed, place a market order for n shares.
Order Conditions
- All or None (AON)
- Fill the order completely or not at all. Order is cancelled at market close.
- Do Not Reduce (DNR)
- Do not decrease the limit/stop price on buy-limit and sell-stop orders on the record date of a cash dividend. Stock prices typically drop by the amount of the dividend on the ex-dividend date. The ex-dividend date is used to determine who receives the dividend payment.
Order Time Limitations
- Fill or Kill (FOK)
- Can be applied to limit orders. Cancel the order if it cannot be filled immediately.
- Good ‘Til Canceled (GTC)
- Order remains in effect until filled or cancelled. GTC orders are usually cancelled in 30-90 days depending on the brokerage.
- Immediate or Cancel (IOC)
- Fill all or part of the order immediately, then cancel any part that cannot be filled.
Photo of New York Stock Exchange by Brian Glanz