When you place an order with SogoTrade, you can choose the following order types:

GP2T (Limit) Order:
A convenient way to position a traditional Limit order away from the current market price, so that it has a high probability of both filling and receiving an add liquidity credit. Simply select an ‘away amount’ ($0.01 to $0.05) to buy below the Ask price or sell above the BID price. When the order is placed, the limit price will finally be determined and a traditional limit order will be routed out. This is especially helpful when the price is changing rapidly. Note: A GP2T (Limit) order is subject to the same risks as other limit orders, including the risk the order may not execute. Because the limit price generated by a GP2T (Limit) order can only be determined when it is finally placed, it may be substantially different from the estimated limit price stated on the order entry and verification pages, particularly if the quote is stale (i.e. it has not been recently refreshed) or if the stock price is volatile.

Market Order:
A Market order is an order entered to buy or sell an investment immediately at the best available current price. A market order guarantees an execution, but not price.

Limit Order:
A Limit order is an order to buy or sell at a specified price (or better). A buy limit order will only be executed at the specified limit price or lower. A sell limit order will be executed at the specified limit price or higher. A limit order guarantees price, but not execution (a fill).

Stop order (also referred to as a Stop loss order):
A Stop order becomes active only after a designated price has been reached (the "stop price"). The order then becomes a Market order, and fills according to the prevailing price in the Marketplace.
Stop orders work in the opposite direction of limit orders: a buy stop order is placed above the market, and a sell stop order is placed below the market. Once the stop price has been triggered, the order becomes a market order and is then filled.

At SogoTrade, Equity Stop orders are triggered by the Last Sale. Option Buy Stop orders are triggered by the Bid, and Option Sell Stop orders are triggered by the Ask.

Stop limit:
A Stop Limit order authorizes a trade when the stock reaches a stop price trigger, but because you set a limit price along with it, above or below that stop, it also guarantees that you will not pay more or sell for less than that limit price.
In this situation, although you may protect yourself against a rapid price change, there is still a chance that your order won't be filled.
A Stop Limit order gives more control over where the order could be filled. Remember however, now that the order is a Limit order, it may not be executed.

At SogoTrade, Equity Stop Limit orders are triggered by the Last Sale. Option Buy Stop Limit orders are triggered by the Bid, and Option Sell Stop Limit orders are triggered by the Ask.

Trailing Stop order:
A Trailing Stop order is entered at a certain percentage or dollar decimal value away from the current price.
As the market price changes in your favor, your stop price changes accordingly. In effect, your stop price "trails", or follows, the market price.
For a Sell Trailing Stop order…The stop price (trigger price) adjusts upward as the stock price increases. The trigger price does not move when the stock price decreases.
For a Buy Trailing Stop order…The stop price (trigger price) adjusts downward as the stock price decreases. The trigger price does not move when the stock price increases.

At SogoTrade, Equity Trailing Stop orders are triggered by the Last Sale. Option Buy Trailing Stop orders are triggered by the Bid, and Option Sell Trailing Stop orders are triggered by the Ask.

Trailing Stop Limit order:
A Trailing Stop Limit order is similar to a Trailing Stop order, as it ‘trails’ below or above the movement of the security’s market price to maintain the set trail distance, which is stipulated as a dollar amount or a percentage. The main difference is that when the stop price is triggered, it then becomes a Limit order, as opposed to a Trailing Stop order that becomes a Market order.
So, the Trailing Stop Limit order is triggered to a Limit order at the specified limit price or better. The limit price is guaranteed, but an execution (fill) is not. The security’s price could continue to move away without the order ever getting filled.

At SogoTrade, Equity Trailing Stop Limit orders are triggered by the Last Sale. Option Buy Stop Limit orders are triggered by the Bid, and Option Sell Stop Limit orders are triggered by the Ask.

Order Expiration:
When you place a Limit order or any of the Stop order types at SogoTrade, you may choose the expiration period for your order – the length of time the order will be valid. You can choose to have it expire at the end of the trading session for which it is entered (DAY), or to stay open until it is either executed or cancelled, Good Til Cancelled (GTC). GTC orders have a default duration of 60 calendar days. Sell Short orders may not be entered GTC.

(For more on Selling Short, view our Margin Trading section in the Education tab.)

For additional information regarding Order Types, examples or trigger methods for equity and option orders, please contact us at 888-709-7646. Thank you.