If you are going to place your own orders (and why not?) then an overview of types of orders is fitting and proper.
I am a firm believer in the power of all of you as individuals to make sound investment choices. Mutual funds and fund managers have a mixed bag of results and I promise, having met many of them, these managers are no smarter than you are. Proper financial education is your key to controlling your own financial destiny. And proper education, with an emphasis on options, is what I?m all about.
Which leads to today?s topic: Types of orders. If you are going to place your own orders (and why not?) then an overview of types of orders is fitting and proper.
Limit Order:??This means that the price at which you wish to trade is fixed. If the market never hits that price the order remains unfilled and you do nothing. And there?s nothing wrong with that! Trade at your price or don?t trade at all. The alternative is the:
Market Order:?This order is executed instantly at the best price available at that moment. But you have no idea exactly what price that will be. In a highly fluctuating market your execution price (your ?fill? as it?s called) could be far away from what you expect. For this reason I do not believe market orders are a prudent way to trade. I prefer limit orders.
Remember! You are the Boss! Your destiny is in your hands. And Education is Key!