We are all familiar with the humble market order. Click the order button and the order is executed instantly. However, there are many other order types that deserve our attention and in this module, I walk you through those I think have a valuable role to play in any trader or investor's armory. Some are relatively straightforward, others are more complex for specific jobs, and my advice here is to build up your knowledge slowly by using one or two more regularly, or perhaps test them out in a demo account which is a useful tool for such purposes.
Many of these orders are categorized as pending orders, such as limit orders, both buy and sell along with the buy stop order and sell stop order. Then we have the combination of stop and limit order which is the stop limit order, a hybrid of the two and one which is extremely popular with both stock traders and investors. Finally, we have another group which includes FOK, OCO, and GTC orders.
