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You've chosen a stock or ETF you want to invest in, and you know how many shares you

want to buy.

Now, you've just got to place the order.

For novice investors, that may be trickier than it seems because before placing that

order, they have to choose an order type.

Simply put, order types are instructions to your broker about how to execute your trade.

You don't need to know the complicated jargon or hand signals traders used to use on the

floor of the New York Stock Exchange, but you should understand the basic order types

and how they affect your trade.

Let's focus on the basics of how an order is placed, then three common order types:

market orders, limit orders, and stop orders.

First up: how an order is placed.

When you select buy or sell, your order is sent to your broker, who attempts to fill

it on the market.

Prices can change constantly, and the system for routing orders has lots of moving parts,

all of which impact how quickly and at what price your order is actually filled.

Using the right order type can impact these factors, and make a big difference in whether

your trade works the way you intended, so it's important to understand the main order

types.

Let's start with market order.

This order type indicates that you want your order filled immediately at the next available


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