Market Order:

Use this type of order when you want to Buy or Sell immediately, regardless of price. Example: Buy 3 May Corn at the Market.

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Limit Order:

Use this type of order when you want to Buy or Sell at a specific price or better. Buy Limit orders are placed below the current market price, Sell Limit orders are placed above the current market price. Note: Limit orders may not be filled if the market trades at the exact specified Limit price. A trade beyond or better than the specified Limit price will be filled. Example: Buy 2 June Gold at 402.1 Limit.

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Stop Order:

Typically, Stop orders are used as protective orders. Buy Stop orders must be placed above the current market price, Sell Stop orders must be placed below the current market price. This type of order is triggered when the market reaches the specified Stop price at which point it becomes a Market order. Stop orders can also be used to enter a market as well. Example: Buy 4 March Cocoa at 1632 Stop.

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Market On Close (MOC):

This type of order is the same as a Market order with the exception that the order will be executed and filled during the final minutes of trading.