Following are the types of orders which are used for buying and selling of shares.
¨ Market Order -
When you put buy or sell price at market rate then the price get executes at the current rate of market. The market order get immediately executed at the current available price. In market order there is no need to mention the price; the shares will get executed at the best current available price. If you wish to buy or sell shares at any specific price then market order is not suitable for you then you have to go for limit order. Market order is for those who want to buy or sell immediately at the current available price.

¨ Limit Order -
It’s totally different to market order. In limit order the buying or selling price has to be mentioned and when the share price comes to that price then your order will get executed with the mentioned price by you. But here it’s not sure that the price will come to your limit order. In day trading its risk because you have to close all your transactions before 3:30 PM and if in case price doesn’t reach to your limit order then your order will be open and then you have to go through (bare) the heavy penalties. Importantly limit order and stop loss trigger price are used together.

¨ Stop Loss Trigger Price-
Stop loss and trigger price are used to reduce the losses. This is very important term especially if you are doing day trading (intraday).Stop Loss as the name indicates this is used to reduce the loss.