Trading Orders you need to know – 6 most important
DO YOU KNOW THE 6 MOST COMMON TRADING ORDERS?
There are many trading orders that a broker can offer.
Whether you’re trading gold, Bitcoin or EUR/USD – You will need to know exactly what trading orders to choose.
Luckily your trading platform will give you the options and after this quick bite of an article, you’ll know which one to choose from.
Or You’ll just need to confirm on the platform or give them a call, which ones they have.
And it’s important to know which one suits your trading needs best.
Before you buy or sell a trade, there is usually a setting that you can choose to execute your trade.
Common options include:
1: GTC: “Good Till Cancelled”
Where the order remains active until you manually cancel it.
2: FOK: “Fill or Kill” (Settle!)
This type of order requires immediate execution of the entire order quantity.
If the full amount is not executed, it is then cancelled.
3: GTD: “Good Till Date”
Where you can specify a specific date until which the order is valid.
4: MIT: “Market if Touched”
This order is triggered when the market price reaches a specified level (trigger price).
It then becomes a market order and is executed at the best available price.
5: LIT: “Limit if Touched”
If a Limit if Touched order is triggered when the market price reaches a chosen or trigger price.
6: GTC (Good Till Cancelled).
This way you’ll know that your position (order) will stay in the market until you cancel it manually.
Now you know!
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