Series 66: 6.5.1.5 Memory Tricks For Orders

Taken from our Series 66 Online Guide

6.5.1.5 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.

SUMMARY TABLE
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
Stop-Limit Orders	• Turns into a limit order when a trigger price is hit • Two important prices, trigger price and limit price • Buy stops are used to protect short sale gains • Buy stops placed above market price • Sell stops are used to protect long sal

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