When trading with Mogo, you have access to several types of orders to help you manage your investments more effectively. Here's a breakdown of each type:
Order Type | Definition |
Limit Order | A limit order lets you buy a security at a specified maximum price or sell a security at a specified minimum price. This gives you control over the price but does not guarantee the order will be filled. |
Stop Limit Order | A stop limit order allows you to set both a stop price and a limit price. When the market reaches the stop price, the order becomes a limit order and is only executed at the limit price or better. |
Market Order | A market order is submitted for immediate execution at the best available price, without specifying a price limit. Market orders have a higher likelihood of being filled but there’s no guarantee of the final price due to market fluctuations and stock availability. |
Good for Day (Day Order) | A day order is only valid for the trading day on which it was placed. If not executed by the market close, it automatically expires. |
Good Till Canceled (GTC) | A GTC order remains active until it is filled, canceled, or 90 days from the date it was placed — whichever comes first. |
Important Notes About GTC Orders
Cancelling GTC Orders After-Hours:
If you cancel a GTC order after market hours, it will remain in a "Cancelling" status until closer to market open (around 9:00 AM EST). At that time, it will be processed and moved to a "Cancelled" status.Corporate Actions Impact:
If a company undergoes a corporate action (such as a stock split, merger, or acquisition), any open GTC orders for that stock will be automatically canceled.How to Confirm a GTC Order:
You can verify if your order is a GTC order by checking your order receipt. Look at the "Time in Force" section — it should say "Good Till Canceled".