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Contributor: Interactive Brokers

Level: Beginner

In this Traders’ Academy course you will learn about the most popular Order Types: “Market”, “Limit” and “Stop”.

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Lesson: #1 Introduction to TWS Order Types Course

Now that you have opened a trading account, you may want to buy or sell some stocks or other assets. This course will explain Order Types and the way they help you create orders to suit the way you trade.

Lesson: #2 Market Order Type Using TWS Mosaic

This lesson explains the trade-off between a Limit and Market order. It also demonstrates the creation of Market orders using TWS Mosaic.

Lesson: #3 Mosaic Limit Order Type

This lesson explains the uses of the Limit Order type using TWS Mosaic. Investors can set a minimum desired price to sell, or a maximum desired price to pay when creating orders.

Lesson: #4 Mosaic Good-til-Cancelled (GTC) Order Type

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.

Lesson: #5 Bracket Orders for TWS Mosaic

Bracket orders are designed to help limit your loss and lock in a profit by "bracketing" an order with two opposite-side orders.

Lesson: #6 Mosaic MidPrice Order Type

This lesson will show you the Mosaic MidPrice order which is designed to split the difference between the bid and ask prices and fill at the current midpoint of the National Best Bid and Offer – the NBBO – or better.

Lesson: #7 TWS Mosaic One-Cancels-All (OCA) Order Type

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.

Lesson: #8 TWS Relative or Pegged-to-Primary Order Type

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.

Lesson: #9 Stop and Stop Limit Orders for Mosaic

Stop orders may help investors protect profits and cut losses. This lesson helps distinguish between Stop and Stop Limit Order types in TWS Mosaic.

Lesson: #10 Trailing Stop and Trailing Stop Limit Order Type

We’ll examine both the Trailing Stop and Trailing Stop Limit order types, which have as their key component the trailing amount. For a long stock position, this trailing amount is a value beneath the prevailing market price.

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