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How to Place a Trade

Types of orders you can place


If you're not familiar with the expressions traders use, here's a quick overview that will help you convey your instructions precisely and accurately to your

TD Waterhouse
Account Representative, or when using one of our Electronic Brokerage Services.


Market Order

This is an order to buy or sell a security at the current available price.

All orders that don't have a specific price are usually considered Market Orders, which means paying the best "ask" when buying, or accepting the best "bid" when selling.

Market Orders are often the best way to ensure your order is filled within seconds of entering your order. Please note that because the bid/ask price can change at any time, your order's fill price may be different than the quote received.

Limit Order

This is an order in which you set the maximum price you're willing to pay as a buyer, or the minimum price you're willing to accept as a seller. Except under special circumstances,

may not accept limit Orders too far off the market price.

Remember, at any time prior to the execution of your trade you can cancel or change the price on your Limit Order or change it to a Market Order. Because of their price stipulations, not all Limit Orders get filled.

Types of Limit Orders:
  • Day Order
    - valid only for the day on which the order is entered.
  • Open Order, Good 'Till Cancelled (GTC) Order
    - usually has a specific price and remains valid until the order is executed or cancelled. The order can remain open for a maximum of 30 calendar days and is automatically cancelled without notice if not filled within that time. You should always keep a record of your GTC orders.

Stop Order

There are two kinds of stop orders: