Market Order
As for market order, the client can buy or sell at the real-time quotation in current market. In other words, the client can trade at any satisfied price at any time.
Limit Order
The usual reason to place a limit order is that the predicted future trend may go reversely after the target price reaches. So with a limit order, one can set a better buying/selling price than the current one. As the market price hits the target price, the limit order will be automatically executed. Please note that there should be price difference between the target price and the current market price.
Stop Order
The usual reason to place a stop order is that the predicted future trend may still go the same way after the target price reaches. With a stop order, one can buy at a price higher than the current market price or sell at a price lower than the market price. As the market price hits the target price, the stop order will be automatically executed. Please note that there should be price difference between the target price and the current market price.
OCO Order
An OCO order is a combination of limit order and stop order, of which the target prices should be set both higher and lower than the current market price. When one order is executed, the other one will be automatically cancelled. Please note that there should be price differences between the target prices and the current market price.
IF-Done Order
Only when the new limit order or new stop order in the first phase is executed, the limit settle with target price of taking profit or stopping loss in the second phase can become active. Before execution of the order in the first phase, even when the market price hits the set price in the second phase, the limit settle order in the second phase will not be executed.
