Limit Orders vs Market Orders

Price Limit at which your order will execute at

Buys – setting the highest price you are willing to pay per unit. If the price you have set is outside the current market price, the order will remain open.

Sells  – setting the lowest price you are willing to sell at per unit. If the price you have set is outside the current market price, the order will remain open.

Buys – will enter the market at the best available price at the time. If the order only partially executes, the remaining unexecuted units will become a limit order at the partially executed price.

Sells  – will enter the market at the best available price at the time. If the order only partially executes, the remaining unexecuted units will become a limit order at the partially executed price.

Can I set a total dollar value or do I need to provide a quantity of units?

Placing a limit order will allow you to either:

• enter the total trade amount you are willing to buy or sell e.g. $1000 (this excludes GST) OR
• enter the total number of units (quantity) you would like to buy or sell. e.g. 500 units of BHP. Please note there is a minimum value per trade of $500.

As a Market order enters the market at the best available price at the time you are only able to place an order by entering the amount of units you wish to purchase.

Can I cancel or amend the order?

Yes

(unless the order is fully filled or if the market state doesn’t accept amendments at that time)

Yes

(unless the order is fully filled or if the market state doesn’t accept amendments at that time)

When can I place this order?

Anytime - If you place an order outside of market hours it will automatically be placed into the market at open on the next trading day (provided the conditions are met).

During Trading hours - As the order is requested to be filled at the best available price at the time, the order can only be submitted during normal market hours (10am-4pm Sydney time).