Knowledge Base

When placing a buy or sell order on Nest Trader, you need to choose an Order Type. Here is what each one means.

Market Order

A Market order is executed immediately at the best available price in the market. You do not set a price the order is filled at whatever the current market price is at the time of execution.

Use a Market order when you want to enter or exit a position quickly and are not concerned about the exact price.

Limit Order

A Limit order lets you set the exact price at which you want to buy or sell. The order will only execute if the stock reaches that price. If the price is not reached, the order stays open.

Use a Limit order when you want control over the price of your trade.

SL (Stop Loss)

An SL order has two components a trigger price and a limit price. When the stock hits the trigger price, the order is activated and placed as a limit order at the price you specified.

Use SL orders to protect an existing position from further loss, with a specific exit price in mind.

SL-M (Stop Loss Market)

An SL-M order also has a trigger price, but once triggered, the order is placed as a Market order not a Limit order. This means it will execute immediately at the best available price after the trigger is hit.

Use SL-M when you want to exit at any price once your stop is triggered, rather than risk the order not filling.