Order type hype

Let’s talk about an aspect of trading that most trading services just ASSUME you already know about.

Order types. 

An “order” is how you tell your broker to enter or exit a stock or option trade.

The most common order types are: market, limit, and stop.

Then there are subsets of each of these types – different parameters or requirements that you can enter in your trading platform that will change how your broker goes about executing your trades.

Order types can make a difference in your trading. 

So knowing how what these different order types mean is important.

Thankfully, or resident moderator Boom recorded a handy dandy video all about this topic!

Click here, or the image below, as Boom does a brief breakdown on order types.

Let’s pull out the order types that Boom talked about in that video. 

We have:

• Market order – buy or sell stock or options immediately at current price – not recommended for options as because of the bid/ask spread (click for more)
• Limit order – buy or sell stock or options at a maximum or minimum price
• Stop order – triggers a market order when a stock or option moves past a specified price point
• Stop limit – triggers a limit order when a stock or option moves pas a specific price point
• Trailing – a stop or limit order which adjusts by a fixed dollar amount or percentage

We also have different time frames that apply to each kind of order. Those time frames are:

• Good Til Canceled (GTC) – will remain active until you decide to cancel it
• Day – will expire after the end of the trading day if unfilled
• Extended-Hours (EXT) – required for premarket or after hours trading

How to enter each of these orders will differ on a broker by broker basis. 

Take the time to tinker around with your trading platform to make sure you can enter each kind of order – a greater familiarity with your trading platform will help you enter and exit trades more swiftly and efficiently. 

This is crucial, especially when things are moving fast…like with Bombshells!

A question I get asked often is:

But Voz, which trading platform is the best?

This is a GREAT question, and one of the most common from the new trader. I’ll be covering exactly this topic in a video soon – keep an eye on your inbox for that update.

And remember to check out my recent session where I took Volume Profile back to basics. Plus, who wouldn’t want 30 minutes uninterrupted of just me?

But if you want the most Volume Profile – join my Trade the Close premium trading service. 

If you click this special link, you can start trading with me today for less than $200. That gets you FULL ACCESS to the Trade the Closeroom and ALL my trade alerts. 

Access to every trading expert here at Money Morning LIVE, daily trading sessions, AND BOMBSHELLS? How could you not join?

That’s all for now, Closers.

And remember….

Always. Be. Closing. 

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