In this Traders’ Academy course you will learn about the most popular Order Types: “Market”, “Limit” and “Stop”; Order Types for speed of execution or to achieve a specified price; how to place these orders in TWS Mosaic; to distinguish between the popular order types, when to use them and about risk management and how that plays into using certain order types such as stops and bracket orders.
The Good-Til-Cancelled order type enables users to create stop loss or profit-taking orders using the GTC time-in-force. That means users can place and monitor orders well away from the market infrequently rather than having to repeat the process. This lesson explains how to set up and monitor GTC orders using TWS Mosaic.
TWS users may create several orders simultaneously and group them together. The software can then be programmed to respond automatically with cancellation instructions when one piece of the order starts to fill. This lesson demonstrates the creation of the One-Cancels-All order type in Mosaic.
The Relative order type enables investors to use an offset amount to make their orders more aggressive than the prevailing NBBO in the market. This lesson explains how to set up such orders in TWS Mosaic and illustrates why such orders stand a greater chance of being filled.