Order Types in AX1 trader

The software allows you to trade different types of orders. The following list of order types are available in the software.

• Market Order
• Limit Order
• Stop Order

Market Order

Market order is an order to buy or sell a security at the best available price immediately. Generally, a security is bought at the Ask price and sold at the Bid price.

Limit Order

An investor in this type of order specifies the limit prices. There are two types of limit orders: Limit buy and limit sell. A limit buy order specifies the maximum price that the investor is willing to pay for some quantity of a given security and the limit sell order specifies the minimum price at which the investor is willing to sell some quantity of security. The price range (<=) displayed just below the limit box will provide suggestions to the trader with regards to setting the limit orders.

• Buy Limit <= Market Price - Contingency Pip i.e., Limit Min Pips.
• Sell Limit >= Market Price + Contingency Pip i.e., Limit Min Pips.

Stop Order

Stop orders are similar to limit orders. In such orders, the trade is not executed unless the security hits a particular price limit. A stop order is also called a stop loss order. It may have both types of orders like buy and sell orders. In the stop loss order, the security is to be sold if its price falls below a stipulated level.

As the name suggests, the order lets the commodity be sold to stop further losses from accumulating. The price range (>=) displayed just below the stop price box will provide suggestions to the trader with regards to setting the stop orders.

• Buy Stop >= Market Price + Contingency Pip i.e., Stop Min Pips.
• Sell Stop <= Market Price - Contingency Pip i.e., Stop Min Pips.