The following equity order types are currently available for both Canadian and U.S. markets: Market, Limit, Stop Market, Stop Limit, Trailing Stop Market, and Trailing Stop Limit.The order type will automatically default to Market which means your stock will be sold at the best possible price at the time the order reaches the marketplace. You can also choose the following options from the Order Type drop-down menu:
- Limit: Sets the maximum price you are willing to pay for a buy order or minimum price you are willing to accept for a sell order
- Stop Limit or Trailing Stop Limit: These will become a Limit Order after the Trigger Price has been reached
- Stop Market or Trailing Stop Market: These will become a Market order after the Trigger Price has been reached
The trigger price is what activates a 'Stop Market' or 'Stop Limit' order.