What is a market order?
A market order is an order to buy or sell an asset at the current market price. There is no guarantee the trade will be executed at the current price. Simply that the order will be placed into the market now.
What is the definition of a limit order?
A limit order is an order to buy or sell an asset at a specified price or better than that price. There is no guarantee that a trade will be executed if a limit order is placed as the market may not be trading at that price.
What is a stop loss order?
A stop loss order is a type of limit order that sets a specific price at which an asset will be sold if and when it reaches that specific price. It is used to limit potential losses past a certain point if the market reaches that point. The order is placed into the market at that point. There is no guarantee that the trade will be executed at that price as the market price may gap if the market is moving quickly.
All 3 order types are available in the IMERS trading game.