4 Basic Order Types
There are 4 main basic order types available through the e-Formula trading system.
| Order Type | Description |
|---|---|
| Market Order | A market order is placed when the trader is willing to pay the current market price. The order will usually be filled quickly but there is no guarantee at what price the order will be filled at. A market order takes precedence over all other orders. There could be a lot of slippage in the fill price from the current quote in an illiquid market. |
| Limit Order | A limit order is placed when a trader wants to buy or sell a contract at a certain price. If the market hits the limit order price target the order will be filled at that price. There is no guarantee all of the order will be filled at that price depending on market conditions. |
| Stop Order | A stop order is placed to either limit the amount of loss on a trade, take profit on a trade in the future or to follow a trend in a price breakout. Once the trader's price target is triggered, the stop order becomes a market order and there is no guarantee all or any of the order will be filled once the stop price level has been triggered. |
| Stop Limit Order | A stop limit order is the same as a stop order except the order will only be filled at the trigger price of the order. It does not become a market order like a regular stop order once the price is breached. There is no guarantee all of the order will be filled depending on market conditions. |
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