Series 65: Memory Tricks For Orders

Taken from our Series 65 Online Guide

Memory Tricks for Orders

Sell limit orders and buy stop orders are typically placed over the market price. This can be remembered through the mnemonic

  • SLOBS: Sell Limit-Over the market-Buy Stop.

Buy limit and sell stop orders are typically placed under the market price. This can be remembered by the mnemonic

  • BLUSS: Buy Limit-Under the market-Sell Stop.

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Solomon Exam Prep Study Materials for the Series 65
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Types of Orders

Characteristics

Market Orders

  • Filled immediately at the best available price
  • Always filled

Limit Orders

  • Filled at a specific price or better
  • Used when not ready to buy or sell at the market price
  • Buy limits placed below market price
  • Sell limits placed above market price
  • Not always filled

Stop Orders (Stop-Loss Orders)

  • Turns into a market order when a trigger price is hit
  • Buy stops are used to protect short sale gains
  • Buy stops placed above market price
  • Sell stops are used to protect long sale gains
  • Sell stops placed below market price
  • Always filled