17 order types in three groups — basic order types, advanced types, time-in-force.
From Chapter 3 · Stock Market — How the whole thing really works
| Type | Execution | When to use | Risk |
|---|---|---|---|
| Marketfast | Immediately at the current market price | Liquid markets, fast entry/exit | Slippage on gaps |
| Limitprice-controlled | Only at your price or better | Buy below / sell above market price, illiquid names | May not be filled |
| Stopprotective | Becomes a market order at the stop price | Classic stop-loss | Slippage on gaps |
| Stop-Limitprotective | Becomes a limit order at the stop price | Stop with price control, volatile markets | May not be filled |
| Trailing Stopprotective | Stop moves with the price (fixed distance) | Automatically lock in running gains | Distance too tight → premature exit |
| TIF | Meaning | Use |
|---|---|---|
| Day | Valid until market close | Same-day decisions |
| GTC | Good-till-cancelled (typically max. 90 days) | Long-term limits |
| IOC | Immediate-or-cancel — remainder cancelled | Large orders without market impact |
| FOK | Fill-or-kill — all or nothing | Block trades, spread strategies |
| GTD | Good-till-date | Tied to events (e.g. before earnings) |
| OPG | At the open — opening auction only | Entry at the opening price |
| MOC / LOC | At the close — closing auction only | Rebalancing, benchmark matching |