Limit order


In a limit order, you set a price limit on the number of shares that you want to buy or sell (referred to as bid or ask) and a time limit for the length of time you want the order to be active. If your price is not reached in the time limit you set, then the order is cancelled automatically.

  1. Price – When you’re buying shares, your bid is the top amount you’re willing to pay. Your order will be processed when you can buy the shares at your bid limit or better still, less than your bid limit.

    When you’re selling shares, your ask is the asking price — the minimum amount you want to receive but, of course, you’re happy to accept more. Your order will be processed when someone offers your ask limit.

  2. Time – When you set a time limit (duration) for your order to be active, your order will be cancelled if it isn’t processed during that limit. The maximum length of time an order can be active is 90 days.

    You have six choices when setting a time limit. You can specify if you want your order to be active:


    • Until the end of the current trading day (DAY)
    • For a specified time (GTD: good till date)
    • For the current trading day as well as in both pre-and post-market hours (GTEM: good till extended market)
    • Until it is completely filled (FOK: fill or kill)
    • Until the order is filled or cancelled (GTC: good till cancelled) – maximum 90 days
    • Until all or part of the order is filled immediately; any portion not filled; will be cancelled (IOC: immediate or cancel)