The order can be a ‘limit order’ where the investor specifies the maximum price at which they are willing to buy or the minimum price at which they are willing to sell. However remember that the orders can also be placed without a limit price.
A ‘market order’ is an instruction to buy or sell at the best price currently available in the market. Such orders have a greater chance of getting executed than limit price orders.
An ‘immediate or cancelled’ (IOC) order is executed immediately or cancelled and a ‘good till cancelled’ (GTC) order remains in the system for execution till it is cancelled by the investor.
‘Stop loss’ order is given to limit the loss in a buy or sell trade by specifying a price to execute an opposite trade. Check how Stop loss order gets executed in system here.
The correct usage of these type of orders can help one to maximise the profit while trading intraday tips or one can protect the profit by using the stop loss in the system.
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