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NYSE
Explain the various types of orders that can be placed in the stock market (NYSE). Can you place the same orders on the NASDAQ? What are the advantages and disadvantages to limit and stop-loss orders?
In the terms of market exchange at stock, bond or commodity markets, order is the instruction sent by the customer to a broker to buy, to cell, to deliver or to receive securities or commodities. For different markets, there exist different types of orders, simple or complicated ones. For NYSE exchange group, there are the following types of orders: round lot (orders multiple to 100 shares), odd lot (below 100 shares), market order (choice of the best available price), GTC order (price is fixed until the order is cancelled), scale order (security which specifies the total amount of the operations at specified interval of prices) and stop (also called stop-loss) order (which denotes buying when a price is higher than a set price or selling when the market price is beyond some set measure). For NASDAQ, it does not officially accept stop orders since each market maker sets his own prices.
The limit orders, compared to market orders, are more complex, because the investor might not get the stock at all rather than buying it at price higher than the limit; for limit orders, there are brokerages that charge more for executing and may charge additionally if the order goes unfulfilled. However, by placing a limit order, the investor can secure oneself from unexpected losses – but at the same time risks to have to stock at all.
Stop orders allow to fix the price which acts as the indicator of selling or buying, and from this point of view, they also allow the investor to secure the measures of revenue. On the other hand, the fluctuations are possible after the stop order becomes market order. Therefore, for fast-changing markets such orders may lead to significant differences between set price and real price. However, in the case of stop orders the customer does not need to monitor the stock actively, and this can also be regarded as the advantage.
