An "order type" refers to the specific instructions given by a trader to a financial intermediary, such as a brokerage or an exchange, to execute a trade in a financial market. Different order types determine how and when a transaction is executed. Here are some common types of orders: 1. **Market Order**: This order is executed immediately at the best available current price. It ensures that the trade is executed quickly, but the exact price at which the order will be filled may vary.
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