What are the order types?
When trading with a Trading Station account, you have many order options available to you:
- Market Orders: Enter the market immediately
- Market Range: When your strategy is sensitive to price execution. With Market Range, you determine a comfortable range of prices in pips where your order can execute. If your order can execute at a price in your range (based on available liquidity), it does; if not, it cancels.
- At Market: When your strategy is more sensitive to full order execution than price. At Market provides execution certainty because you aren't limiting the order to specific prices: You simply want to enter the market at the best available price(s).
TIME-IN-FORCE: Depending on your order type, each order offers time frame options in which this order executes:
- IOC - Immediate or Cancelled: As much as possible will be filled at the best possible price. If that price doesn’t have enough liquidity to fill the entire offer, any remaining amount will be cancelled
- FOK - Fill or Kill: All of the order will be filled at best available price. If there is not enough liquidity for the entire order, the entire order will be cancelled in its entirety.
- GTC: Good 'Til Cancelled: Ensures that your entire order is executed. GTC orders may be broken up into partial orders if sufficient liquidity isn't available to fill the entire order at the best available price.
- GTD - Good 'Til Date: Order will wait until triggered or until the specified date and time (default expiry time and date is 17:00 NY time). If the order is still waiting at the expiry date and time, it will be cancelled.
- Entry Orders: Order will open in the future when the price hits the desired price (can be above or below the current market price) . Clients can choose from one of the following:
- Stop Entry: buy above or sell below the current market price. Stop Entry Orders guarantee execution but do not guarantee the specified price.
- Limit Entry: buy below or sell above the current market price. Limit Entry Orders only execute at the entry price or better.If the best available price at the time of execution is not at the entry price or better, the order resets and waits for execution.
- Range Entry Order – A Range Entry order executes similarly to a stop entry order; however, you are able to enter a range (in pips) of negative slippage from the entry price that the user is willing to accept on the order. The range will not limit positive slippage. Once triggered, the order will attempt to fill at the best available price within the prescribed range. If the order cannot be filled entirely within the prescribed range, it will not execute and will remain pending on the account.Once the market moves back within the prescribed range the order will again attempt to execute, subject to available liquidity. Remember that Range Entry Orders do not guarantee execution, making order types an important consideration in any trading decision.