Trading Core

Prioritizes execution, not price. It seeks an immediate fill at the best available liquidity, so the actual average fill can differ from the quote when the book moves or is thin.

Sets the worst acceptable price: a buy limit fills at that price or lower; a sell limit at that price or higher. Price is controlled, but execution is not guaranteed and partial fills are possible.

A trigger instruction. Once the stop level is reached, a stop-market order normally becomes a market order; it can therefore execute beyond the trigger during gaps or fast moves.

Combines a stop trigger with a limit price. It constrains execution price after triggering, but that protection creates non-fill risk exactly when the market is moving fastest.

An exit instruction placed at a favorable price. A target is part of the payoff design, but there is no universal minimum R:R: expectancy depends on win probability, losses, costs, and execution.

Moves the exit threshold as price advances. It can protect open profit, but trail distance changes the distribution of winners and must be tested as part of the strategy rather than assumed superior.

A stop level is a decision threshold, not a guaranteed execution price. Gaps, thin books, latency, exchange rules, and market impact can move the realized fill. Backtests that assume every stop fills exactly at the trigger usually overstate execution quality.

Market orders trade price certainty for execution certainty. Limit orders trade execution certainty for price control. Stop-limit orders can fail to exit. There is no universally superior order type; the right choice depends on the setup, venue, liquidity, and failure mode you are willing to accept.