Market (MKT)

The order at the currently existing market price. All market orders can be separated into two categories: orders with price confirmation and orders without price confirmation. The orders with confirmation require manual confirmation of the received price. If the price is not confirmed, the order will be cancelled. The orders without confirmation are executed automatically, if the market price is not worse than specified in the order. A particular example of the orders without confirmation is an order executable automatically at any price. A Market order may be used for both opening and closing a position.

Entry and STOP/LIMIT (STP, LMT)

Entry (delayed) order is an order, which is executed automatically as soon as the market price reaches certain value. The Entry orders are subdivided into STOP (STP) and LIMIT (LMT) varieties. The STOP order price is always below the market for BUY orders and higher than it for the SELL orders. The situation is reversed for the LIMIT orders. Therefore, the LIMIT price is below market for SELL and above market for BUY orders.

The STOP may be considered as the order working against the market trend, and the LIMIT as working along with the trend. For example, if the market falls and reaches the STOP order, a BUY will be executed (opposite to the trend). In this case the BUY can either open a new position, or close an existing SELL.