Before you begin trading, it is important that you understand the different types of orders that can be used. Below is a list of all the order types offered by MB Trading and a description of what they do.

The order type button is in the order entry area under the word "Type". Right clicking on it will bring up the following menu:

Right click menu for order type button.

• Market-if-Touched
  A Market-if-Touched (MIT) order is an order to buy (or sell) a contract below (or above) the market. The MIT order is held in the system until the trigger price is touched. When the trigger price is touched the order is submitted as a market order.

   
• Limit-if-Touched
  A Limit-if-Touched (LIT) order is similar to a stop order, except that an LIT sell order is placed above the current market price, and a stop sell order is placed below.

   
• Initial Trailing Stop

  For a Buy order, the Initial price should be greater than (>) the current market price (though not required...but if not, the order will trigger immediately, much like a regular Buy Stop where the price is less than or equal to the market price). The Final stop must be less than (<) the Initial stop. This is required because as the asset drops in price, the stop price will continue downward until it hits the Final price, at which point it will no longer trail lower.

  For a Sell order, the Initial price should be less than (<) the current market price (again, not required, with same caveat as for a Buy order). The Final stop must be greater than (>) the Initial stop. As the asset price increases the stop will tick up until hitting the Final, and then likewise no longer trail higher.

   
• Limit (Forex and Equities)
  An order to buy or sell at a specific price. A buy limit order can only be executed at the limit price or lower, and a sell limit order can only be executed at the limit price or higher. Remember that your limit order can possibly not be executed because the market price may quickly surpass your limit before your order can be filled. However, using a limit order will protect you from buying at too high of a price or selling at too low of a price.

   
• Limit-on-Open (LOO) - (Equities only)
  A limit order initiated at the market open. LOO orders for listed securities (NYSE and AMEX) are sent to the primary exchange and will participate in the opening print if eligible. LOO orders for Nasdaq securities will be treated like a time triggered order and sent to the marketplace at 9:30am EST. LOOs must be placed by 9:20am EST for listed securities and 9:29am EST for Nasdaq. Other restrictions may apply. Please call the trade desk at (866) 628-3002 for details.

   
• Limit-on-Close (LOC) - (Equities only)
  A limit order initiated at the market close. Only available for NYSE, AMEX, and NASDAQ equities. Other restrictions may apply. Please call the trade desk at (866) 628-3002 for details.

   
• Market (Forex and Equities)
  An order to buy or sell at the current market price. The advantage of a market order is you are almost always guaranteed your order will be executed (as long as there are willing buyers and sellers). The disadvantage is the price you pay when your order is executed may not always be the price you obtained from a real-time quote service or were quoted by a broker. This may be especially true in fast-moving markets where prices are more volatile. When you place an order "at the market", execution usually occurs immediately and market execution prices can differ from the currently displayed quote.

   
• Market-on-Open (MOO) for Nasdaq (Equities only)
  A market order initiated at the Nasdaq market open (9:30 EST). Upon activation, MBTX uses its algorithm to find the best price in the marketplace, however, the price cannot be guaranteed. MOOs can be placed as early as 8:00am EST.

   
• Market-on-Open (MOO) for NYSE (Equities only)
  A market order initiated at the opening print of the NYSE or AMEX. The order is forwarded to the specialist and held until the open. Prices vary based on conditions that are not always reflected. The price at which your order is filled may be better or worse than you expected. MOOs can be placed as early as 8:00am EST.

   
• Market-on-Close (MOC) - (Equities only)
  Buy or sell a stated amount of a security at the closing price of the New York or American stock exchange. The order will be sent to the specialist and held until the close of the market. Stock prices vary based on current conditions, the specialist, and these conditions are not always reflected. The actual price at which your order is filled may be better or worse than you expected. MOC orders can be placed anytime after the market opens up to 20 minutes before the market close.

   
• Stop Limit (Forex and Equities)
  Works like a Stop Market order with one major exception. Once the order is activated (by the price reaching or passing the stop price), it does not become a market order. Instead, it becomes a limit order with a specified price. The advantage of this order is that you set a specified price at which your order can be filled. The disadvantage is that your order may not be filled.

   
• Stop Market (Forex and Equities)
  Buy or sell at market once the price reaches or passes through a specified price. Used by traders who either own a position (long or short) and want to close the position if it moves against them OR by traders that wish to open a new position once the price rises or falls to a specific level. A stop market order to sell must be below the current bid. A stop market order to buy must be above the current offer. Stop orders do not guarantee you an execution at or near the stop price. Once triggered, the order competes with other incoming market orders.

   
• Trailing Stop (Forex and Equities)
  Ride a price trend, profit from its movement, and limit your downside risk without constantly monitoring prices. Trailing stops move your stop price along with the market and are server-sided, protecting you in the event you lose internet connection.

   
• Reserve (Equities only)
  Only display a fraction of your actual trade size on Level II. Someone that trades larger sizes may find this very useful. It provides a terrific way to keep costs down because you are only charged one commission and you have the benefit and advantage of hiding your true order size.

   
• Discretionary Reserve (Equities only)
  Same as Discretionary order but also provides the option to show only a fraction of the total trade size. Someone that trades larger sizes may find this very useful. It provides a terrific way to keep costs down because you are only charged one commission and you have the benefit and advantage of hiding your true order size.

   
• Discretionary (Equities only)
  Set a discretionary price range when placing an order. For example: Buy 100 CSCO at a limit price of 65 with a discretionary price of 65 1/2. Your order is displayed at your specified limit price, not your discretionary price. When a bid or offer appears at or within your discretionary price range, your order will be routed to the Nasdaq Market Participant(s) at their quoted price. Please note that stock can trade ahead of you because your discretionary price does not necessarily make you the best bid or offer.

   
• Pegged
  An order with a Limit price that tracks the best Bid or Ask. For example, a Pegged order to BUY would submit a Limit order at the best Bid and follow that price (either up or down) until the entire order is executed.

   
• Pegged Reserve
  A pegged order (see Pegged definition) that only displays a fraction of your actual trade size on Level II.

   
• Threshold Triggered Order (TTO) - (Forex and Equities)
  Specify two prices, an upper and lower trigger. Once the market trades at either price, a market order is sent. This order type was designed to help limit potential losses and lock-in potential profits.

   
• TTO with Trail (Forex and Equities)
  The TTO also gives the option to have the upper or lower trigger (whichever is acting as the stop loss) to become a trailing stop once the upper or lower trigger (the one that is acting as a take profit) is triggered. Simply check the box marked "Trailing offset" and enter the distance of the trail.

   
• Limit + TTO (Forex and Equities)
  Initially places a limit order (either a buy or sell) and upon execution, places an opposite TTO (either a buy or sell). Note: Upon execution of any part of the initial limit order, an equal TTO is placed with your pre-set trigger prices.

   
• Limit + Stop Market (Forex and Equities)
  Initially places a limit order (either a buy or sell) and upon execution, places an opposite stop market order (either a buy or sell).

   
• Limit + Trailing Stop (Forex and Equities)
  Initially places a limit order (either a buy or sell) and upon execution, places an opposite trailing stop (either a buy or sell). Note: Upon execution of any part of the initial limit order, an equal trailing stop is placed with your pre-set trailing offset.

   
• Market + TTO (Forex and Equities)
  Initially places a market order (either a buy or sell) and upon execution, places an opposite TTO (either a buy or sell). Note: Upon execution of any part of the initial market order, an equal TTO is placed with your pre-set trigger prices.

   
• Market + Trailing Stop (Forex and Equities)
  Initially places a market order (either a buy or sell) and upon execution, places an opposite trailing stop (either a buy or sell). Note: Upon execution of any part of the initial market order, an equal trailing stop is placed with your pre-set trailing offset.

   
• Stop Limit + TTO (Forex and Equities)
  Initially places a stop limit order (either a buy or sell) and upon execution, places an opposite TTO (either a buy or sell).

   
• Stop Limit + Trailing Stop (Forex and Equities)
  Initially places a stop limit order (either a buy or sell) and upon execution, places an opposite trailing stop order (either a buy or sell).

   
• Stop + TTO (Forex and Equities)
  Initially places a stop market order (either a buy or sell) and upon execution, places an opposite TTO (either a buy or sell). Note: Upon execution of any part of the initial stop order, an equal TTO is placed with your pre-set trigger prices.

   
• Stop + Trailing Stop (Forex and Equities)
  Initially places a Stop Market order (either a buy or sell) and upon execution, places an opposite Trailing Stop order (either a buy or sell). At the time you place a Stop + Trailing Stop you would enter your desired stop price at which to enter the position. When this stop price is reached by the market, a market order is sent. Upon execution of this first part of the combo order the system will send out an auto-closing trailing stop (reflecting the trailing offset you selected when first placing the order).

   
• Reserve + TTO (Equities only)
  Initially places a reserve order (either a buy or sell) and upon execution, places an opposite TTO (either a buy or sell). Note: Upon execution of any part of the initial reserve order, an equal TTO is placed with your pre-set trigger prices.

   
• Stop Market + Limit
  Initially places a Stop Market order (either a buy or sell) and upon execution, places an opposite Limit order (either a buy or sell). At the time you place a Stop Market + Limit you would enter your desired stop price at which to enter the position. When this stop price is reached by the market, a market order is sent. Upon execution of this first part of the combo order the system will send out an auto-closing limit order (reflecting the limit price you selected when first placing the order).

   
• Market + Stop Market
  Initially places a market order (either a buy or sell) and upon execution, places an opposite stop market order (either a buy or sell). Note: Upon execution of any part of the initial market order, an equal stop market order is placed with your pre-set stop price.