Appendix B. Types of Orders and Other Trader Terminology

In the second half of this book, we cover strategies and tactics that can be used with technical analysis systems and patterns. Many of these strategies require knowledge of trading terms and how to tell a broker in trader language what to do. Here are some of the common terms used universally in the markets:

All or None (AON) Execute the entire order or none of it, but not some fraction.

Ask The price at which a seller is willing to sell.

Bid The price at which a buyer is willing to buy.

Day Order An order that, if not executed, expires at the end of the day. Most orders are assumed to be day orders unless otherwise specified.

Downtick A downtick is the opposite of an uptick in that ...

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