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Glossary

GTC Order

A Good-Till-Cancelled (GTC) Order is an order to buy or sell the asset at a set price that is active until the investor decides to cancel it or the trade is executed.

If an order does not have a good-till-canceled instruction then the order will expire at the end of the trading day the order was placed.

Limit Order

An order placed to Buy/Sell at a price upon submitted or better. 

A Limit order sets the price at which the trader is willing to buy or sell at. Accordingly, whereas a price of Buy Limit order should be lower than the market price, a price of Sell Limit order should be higher than the market price.

OCO Order

A one-cancels-the-other order (OCO) combines a stop order with a limit order, such that if one order is executed, then the other order is automatically canceled.

When either the stop or limit level is reached and the order executed, the other order will be automatically canceled. Seasoned traders use OCO orders to mitigate risk. 

Stop on Bid Order

Buy Stop on Bid Order 

When a Trader submits an order to Buy Stop on Bid at 1.3880:

BID ASK
1.3880 1.3885


The order to Buy Stop on Bid at 1.3880 will be initiated when the market price reaches 1.3880 on the BID side. It will be then executed at the next best available ASK price.

Sell Stop on Bid Order 

When a Trader submits an order to Sell Stop on Bid at 1.4014:

BID ASK
1.4014 1.4018


The order to Sell Stop on Bid at 1.4014 will be initiated when the market price reaches 1.4014 on the BID side. It will be then executed at the next best available BID price.

Stop on Offer Order

Buy Stop on Offer Order 

When a Trader submits an order to Buy Stop on Offer at 1.3880:

BID ASK
1.3880 1.3885


The order to Buy Stop on Offer(Ask) at 1.3880 will be initiated when the market price reaches 1.3880 on the OFFER (ASK) side. It will be then executed at the next best available OFFER price.

Sell Stop on Offer Order 

When a Trader submits an order to Sell Stop on Offer at 1.4014:

BID ASK
1.4014 1.4018


The order to Sell Stop on Bid at 1.4014 will be initiated when the market price reaches 1.4014 on the OFFER (ASK) side. It will be then executed at the next best available BID price.

Stop Order

A Stop order is a risk management order type which trader use to limit their losses or protecting their existing position.

It can be used to initiate a new position. A Sell Stop is usually placed below current market price and Buy Stop will be placed above current market price. In addition to risk management purpose, some people use Stop order to trade on the market break.