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Limit and Limit Entry Orders

The most common order type is the market order which is usually the best option when a trader needs to enter and exit a trade on the fly. A Limit Entry Order differs from a market order in two primary ways. First, a Limit Entry Order requires that you specify an entry price where you want to enter a trade. The second is that a Limit Entry Order can only fill at the requested price or at a better price whereas a Market Order can fill at the requested price, a better price, or at a worse price.

An entry order can be created from the Rates tab. Tap on an instrument to activate it and then tap Entry. Unlike a market order, an entry order waits for the market price to reach the entry price before submitting. It's an order of convenience, lessening the amount you have to spend monitoring market prices.

Enter your trade size here, select Buy or Sell, and then designate the entry price. By default, your order will be good until you cancel it, GTC. If you prefer that the order only remains good until the end of the trading day, which is 5 p.m. in New York, select Day. Stops and limits can be added at this time too. Once your order details are specified, select create entry order.

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