What are the different types of orders I can place?

Scotiabank iTrade offers a variety of order types to cater to different trading strategies and preferences. The most common types of orders include the market order, limit order, stop order, and stop-limit order. A market order allows you to buy or sell a security immediately at the current market price. This type of order is suitable for those who want to execute a trade quickly without waiting for a specific price. A limit order, on the other hand, lets you set a specific price at which you are willing to buy or sell a security. This order will only execute if the market reaches your designated price, which can help you manage your trades more effectively. The stop order is used to buy or sell a security once it reaches a specified price, initiating a market order at that point. This type is often used to limit losses or protect gains. Lastly, a stop-limit order combines the features of a stop order and a limit order, allowing you to set both a stop price and a limit price. This means that once the stop price is reached, the order becomes a limit order. It is wise to refer to the official Scotiabank iTrade website for detailed information on each order type and additional options that may be available.