Order Types Currently Available at Tiger
Introduction to Different Order Types
1. Market Order
A market order is an order placed to trade at current market price that requires no price setting and enables quick trading.
Market orders guarantee filling but not trading price, particularly when market changes quickly. For stocks not actively traded, market orders often are executed at prices too high or too low;
Market orders placed pre-opening or post-closing are likely to be filled at a price too high or too low when the market opens;
Market orders may be placed pre-opening starting on 09:30 EST. Prior to this time point, only Limit Orders may be placed. The corresponding Beijing time is 22:30 (WT) and 21:30 (DST).
2. Limit Order
A limit order is an order to buy or sell a security at a specific price level or better
A buy limit order is an order to buy a security at the specific price or lower only and a sell limit order is an order to sell a security at the specific price or higher only.
Certain unfilled LOs may be withdrawn or changed. Where the original LOs remain valid during withdrawals or changes, such withdrawals or changes may be impossible if the original LOs are fully filled or in the process of modification.
3. Stop Loss Order
A stop loss order (stop order) refers to setting a price for the shares to be sold. Clients must enter a specified stop price (Stop Price), once the stock price reaches the set stop price, it will be executed as a market order.
Advantages: A method of placing orders to help clients protect profits and limit losses on their stock and option positions
Notes: There is no guarantee that orders will be 100% placed successfully or that the transaction will be successful. Insufficient purchasing power and insufficient positions will result in the failure to trigger an order.
Other related issues on Stop Loss orders:
Q: Can a stop loss order achieve the effect of taking profit? For example, if you buy 50 USD and want to sell the stop profit at the market price when the price reaches 60 USD, can you place a sell stop order with a stop loss of 60 USD?
A: No. Stop loss orders cannot be used for taking profit. The operation in the above situation will cause the transaction to be executed in the form of a market order long as the current price is less than 60 US dollars.
Q: So, how to operate a stock bought for $ 50 when you want to sell take profit when you want to pay $ 60?
A: At present, Tiger Brokers does not support the order types of take profit orders. Normally, you can place a sell limit order for $ 60. (Transaction at a limit price)
4. Stop Limit Order
A stop limit order requires the client to enter a specified stop price (Stop price) and specified limit price (Limit Price), once the stock price reaches the set stop price,a limit order will be placed.
Advantages: Stop limit orders will be placed in the form of limit orders to avoid the problem of large deviations in transaction prices.
The difference between a stop loss order and a stop loss limit order:
A stop loss order will ensure that the order placed on the exchange can be filled as quickly as possible in the form of a market order, but the price of the transaction is not guaranteed. The stop loss limit order will be in the form of a limit order to ensure that the price of the transaction is equal to or better than the limit price set by the customer, but there is no guarantee that the transaction will be executed.
Notes: If it is a stop loss order, it can be filled as much as possible, although it may be sold very low;
For stop-loss limit orders, when the price falls quickly below the limit price, this order will not be filled and the loss may continue to grow.
5. Conditional Order
Once the trigger condition is fulfilled, a placed order will be automatically filled immediately. A placed order may be modified or cancelled. If the trigger condition is not fulfilled, the trigger condition may also be modified.
Advantages: It may be used for positive operations after the market trend is confirmed.
Notes: A conditional order will only be triggered during the session (excluding the at-auction session of Hong Kong stocks); if a placed order is ready before the market opens, it will be triggered immediately once the set trigger condition is fulfilled after the market opens.
6. Additional Order
An additional order assists to stop loss or take profit for the master order. An additional order contains a master order and a sub-order, which may be a stop-loss order (stop-loss limit order / stop-loss order), or a take-profit order (limit order).
Advantages: An additional order may be automatically executed to stop loss or take profit.
(1) Currently, an additional order may include only one sub-order. When a client cancels the master order, the associated sub-order is also cancelled. A client may also cancel the sub-order separately.
(2) When the master order is partially executed, the sub-order execution will also be triggered. The quantity executed of the sub-order will not exceed that of the master order.
(3) Currently, sub-orders cannot be filled during the pre- or post-market trading.
1. Day: Unfilled orders will be automatically cancelled after the market closed.
2. GTC: Good Till Cancelled. The order will remain valid until it is executed or cancelled.