Business and Personal Finance Dictionary

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• ORDER TYPE
  
  The kind of order you wish to place for a securities trade. Market orders are orders to buy or sell at the best available price at the time the order is placed. If you place a market order outside market hours, the order will be executed at the best available price when the market opens. When you place a limit order, you specify a price at which you want your order to be executed. When you place a stop order, you specify a price (called the "stop price") at which the stock must trade. Your order will be executed at the market price once the security has traded at the stop price. Unlike a limit order, a stop order offers no guarantee that the trade price will be as good as or better than the stop price. An all or none order ensures complete execution; the order is not executed unless it can be executed in full. Limit orders, stop orders, and all or none orders remain open through the end of the day or until cancelled (maximum 90 days), depending on the duration you specify. A fill or kill is an order to place a trade at a price you specify, immediately and in entirety. If the fill or kill cannot be executed immediately and completely, it is automatically cancelled.
  
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