A Limit Order is a trading order that tells your broker you are willing to buy or sell the commodity at a specified price, or better. If the price of the commodity reaches your specified level, your broker will execute the order. If the price of the commodity never reaches your specified level, your broker will not execute the order.
STOP ORDER
An order used to open or close a position by buying if the market rises or selling if the market falls. The stop price for buy orders is placed above the current market price. The stop price for sell orders is placed below the current market price.
ONE CANCELS THE OTHER (OCO)
This is a combination of two orders written on one order ticket. This instructs your broker that once one side of the order is filled, the remaining side of the order should be cancelled. By placing both instructions on one order, rather than two separate tickets, the customer eliminates the possibility of a double fill.
