On Stake, you can place Limit, Market and Stop Orders.
A limit order is an order to buy or sell a whole number of shares at a specific price or better.
A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. A limit order is not guaranteed to execute.
If not executed, a Limit Order will expire at the end of the U.S. trading day, if it is not executed before market close.
We will soon be bringing in Good-Till-Cancel orders so Limit orders will only expire or cancel when you cancel them.
Limit orders will be rejected if placed more than 3% above (for buys) or 3% below (for sells) the current market price.
A market order is an order to buy or sell a stock at the best available price. Generally, this type of order will be executed immediately.
However, the price at which a market order will be executed is not guaranteed.
A market order on Stake can be placed at any time, but will only be executed when the market is open.
A stop order becomes a market order when a stop price is triggered.
A buy stop order is entered at a stop price above the current market price, while a sell stop is entered at a stop price below the current market price.
Note that the stop price needs to be 5 cents below (for sells) and above (for buy stops) the current market bid or offer respectively.
All Stop Orders remain queued for 90 days until they are executed or you delete them. This means they do not expire at the end of the day (like Limit Orders do), but they will expire after 90 days if not executed.
An example of a Stop Sell Order is below :
John has some TSLA shares that he'd like to sell if the price drops below $800.
He places a Stop Sell order on Sunday for $800. The stock continues trading above $800 until Friday's trading session, when TSLA opens at $785. A market order is immediately triggered and the shares are sold. John exits the position at $785.
Minimum & Maximum order size
The maximum size of an order in the US market is 10,000 shares, but you can place as many orders (subject to your cash or holdings) under that amount.
The minimum trade size is $10.