What kind of orders do you usually place when buying a stock? For me, I mostly perform limit order so that I do not pay too much slippage. It works well in SG where prices are not very volatile.
A market order is used to enter or exit a position quickly. It will be filled, but not necessarily at the price expected (called slippage).
A limit order is used to cap the amount that is paid on a buy order, or to sell at a specific price (or above) on a sell order. The is a risk of not being able to fill the order fully.
A stop order is used to capture a specific price (or higher) on a buy order, or to capture a specific price (or lower) on a sell order.
A buy stop limit order is used to buy at a specific price or lower (or within a range), while a sell stop limit is used to sell at a specific price or higher (or within a range). This combines elements of the basic stop and limit order types.
Market if touched orders trigger a market order if a certain price is touched. A limit if touched order sends out a limit order if a specific trigger price is reached.
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