Pending Order (Limit Order)
A limit order allows a trader to set a specific bid or ask price, and the order is executed at or below the specified price. When submitting a limit order, if there is no order with a more favorable price than the specified price available in the order book, the limit order is entered into the order book and executed, increasing market liquidity. When a limit order is placed, the trader is charged a fee based on the more favorable maker fee. If an order with a more favorable price than the specified price can already be matched in the order book, the limit order will be executed immediately at the current highest price, and a certain trading fee is charged as a taker fee. Limit orders can also be used to partially or fully close a take profit limit order. The advantage of a limit order is that it is guaranteed to be executed at the specified price, but there is also a risk that the order may not be executed. Users can set the order's expiry time type, defaulting to GTC (Good Till Cancelled), which means the order is valid until fully filled or manually canceled. Other options include
IOC (Immediate or Cancel)
If the order cannot be immediately executed at the specified price, the unfilled part will be canceled.
FOK (Fill or Kill)
The order will be canceled immediately if all orders cannot be filled.
Market Order
Market orders are executed at the best available price in the order book at the time of execution. They allow traders to quickly fill orders without setting a specific price. Market orders guarantee order execution but do not guarantee the execution price, which may fluctuate depending on market conditions. Market orders are commonly used when traders need a quick entry to catch a market trend.
Trigger Pending Order
When a trigger price is set, it will be activated when the user-selected reference price (market price, index price, fair price) reaches the trigger price. Then, a limit order is placed at the user-specified order price and quantity.
Trigger Market Order
Similar to the Trigger Pending Order, a trigger price is set, and it will be activated when the user-selected reference price reaches the trigger price. However, in this case, a market order is executed with the user-specified quantity.
Tracking Stop Order
The trigger price for a tracking stop order is calculated based on the market's historical high or low price and a user-defined tracking deviation (price difference) or percentage. Tracking orders allow users to select an activation price for the order, and the system will start calculating the trigger price only after the order is activated.
TP/SL (Take Profit/Stop Loss)
TP/SL represents a preset trigger price (take profit price or stop-loss price) and trigger price type. When the last price of the specified trigger price type reaches the preset trigger price, the system will execute a market order to take profit or stop loss according to the preset quantity. There are two ways to place a stop loss order
TP/SL setting when opening a position
Users can set TP/SL for the position they want to open in advance. When the open position order is executed, the system will immediately place a TP/SL order with the preset trigger price and trigger price type. Set TP/SL when holding a position: Users can set a TP/SL order for a specified position while holding it. After the setting is completed, if the last price of the specified trigger price type meets the condition, the system will place a near-market order according to the preset quantity.
Note: The information provided here is specific to the BYDOXE Futures trading platform.