| At
the Open |
An order left
with a broker for execution at the best price obtainable at the opening of the market. |
| At
the Close |
An order to
buy or sell a stock during the last 30 seconds of a day's trade |
| Day
Order |
An order good
only for the day received, after which it is automatically cancelled. |
| G.T.C.
(Good 'Til Canceled) |
This means
that if the transaction is not executed on the day given, the order is carried over by the
broker to the following day or to subsequent days until the market reaches the price
stipulated or the order is canceled. Other time limits may be designated, such as
"good this week," "good this month," and so forth. |
| Limit
Order |
An order to
be executed at a specified price or at a price more favorable to the customer, if
possible. |
| Market
Order |
An order to
be executed at the best price obtainable immediately after its receipt by a broker.
If not stated, an order is always understood to be at the market price. |
| Stop
Order |
An order that
does not go into effect until the actual market price reaches the price specified on the
order. Stop orders to sell are generally placed below the current price, and
their most common purpose is to protect the investor against a sudden decline in
price. Although stop orders are safeguards, thy are not necessarily executed at the
designated price, due to market conditions. A stop order to buy is generally placed
above the current market, typically to limit the potential loss of a short sell . |
| Stop
and Limit |
Similar to a
stop order, except that the price at which it is executed, after going through the stop,
is limited. It is a combination of the stop and limit orders. The limit price
may be the same as the stop price, or a different price may be set. |
