From the floor of the CME group Randall Liss, Traders Exclusive Contributor talks about the types of orders used to place a trade on the exchange. A market order means that a buyer wants to buy the stock at the lowest price and a seller wants to sell at the highest price. The investor does not control the price they trade at, but it is instantly filled at market price. A limit order means the buyer puts in a limit for the amount they want to buy it for. The order may not get filled but the buyer controls the price. A stop loss is a market sell order, where the trade could be sold lower than expected. A stop limit is sold at a set price, but if the market runs away you might not get stopped. Liss says he likes limit orders and stops because they can be better controlled. The other types of orders are duration orders, day orders or good until cancelled (GTC) orders. GTC ordered stay in the book until they are filled or cancelled. Liss prefers day orders because the market changes daily and the order may not be relevant for long.