1 - order types

3 types of limit order

normal limit order —> usually less than a day

day order —> usually lasts a day

GTC (good till cancelled) order —> usually more than a day

what is a market order

best price at the time

what is an MIT order

market if touched:

so if the market touches a certain point it will buy/sell

is there a guarantee that you will be filled at the level you set with an MIT order

no - this is a market not a limit order so u might not be filled at that level if there’s not loads of volume at that price, it will just give u next best

what is an opening order

scheduled to get done at the start of market hours

what is usually considered the ‘start of market hours’

first two mins of trading

if an opening order cannot get filled during the official opening period of the market, what happens

it is cancelled

another word for opening order

MOO —> market on open

so as in market price, on open

what is a closing order

same as opening but for end of market hours

aka MOC order

what is a stop loss order

like the opposite of MIT —> will take u out of a position if a certain point is touched

again is there a guarantee u will be filled at the stop loss level u set

no, because of slippage (if there isn’t enough liquidity or the market moves v quickly)

what is slippage then

the difference between the stop loss price and the execution price

what is a stop limit order

a mix of a stop loss and a limit order

what is support

where a falling share price tends to stop falling and then bounce back up

so what might u do with support

set your stop loss below it

what is resistance

same thing but like a top price that it tends not to go above

what is a cros trade

a trade that involves both buying and selling

how must cross trades be entered into the system

as separate buy and sell orders (not as a combined one)