Limit order - this order is a conditional trade based on set prices determined by the trader. The trade will set a maximum or minimum price for a traded asset. The trade will not be executed unless the trade is made at a particular price (or better). Other conditions can be added to the limit order to accomplish the goals of the trader. With the nature of this trade, it is not guaranteed to be executed.
When placing a limit order, clicking on GTC will show the different types of orders.
The types of limit orders that are supported are listed here:
- GTC - A GTC order is an order that is executed at a specified price point, regardless of the time frame involved in reaching that point.
- GTCPO - A GTCPO is a limit trade that is completed only when it can’t be executed immediately.
- IOC - An immediate or cancel order (IOC) is an order to buy or sell a security that executes all or part immediately and cancels any unfilled portion of the order.
- FOK - Fill or kill (FOK) is a type of time-in-force designation used in securities trading that instructs a brokerage to execute a transaction immediately and completely or not at all.