Trade Order Types and Why You Should Be Using Them In Your Portfolio
So you want to place a trade order?
Cool. Seems easy. Just select the stock you want and select the amount of shares. You’re the man. About to make hella money on your trade order and you can’t wait to show all your friends how smart you are.
Then you see the options menu and you don’t know which one to choose…
On this episode I tell you the three most important trade types and why they matter. It’s not just about how many shares or how long you want the stock for although those objectively matter when you’re making any trade. You also have to be weary of how that order is going to be placed once you select “Trade” or “Complete”. There’s a default and you’re not going to like it if you know what you’re doing. Or even if you don’t know what you’re doing actually. I didn’t know what I was doing for at least the first couple years I was investing on my own. Learning a solid process for trading takes time. Even if you learn these trade order types and select the best stocks, you may not be that good at what you’re doing. Mostly because keeping a record of trades is essential and I’d bet most of you don’t do that.
Oh Yeah
If you haven’t read Ray Dalio’s book, Principles: Life and Work you definitely need to get on that! It’s one of the greats imo and competes with The Intelligent Investor for most necessary book to read about investing. See my review of The Intelligent Investor here.
There are many other trade types as well, but today I’m going to cover three of the main-stream trade orders that you can be a part of. This stuff isn’t just for the “pros” either. So strap in and —
Let’s Get Toasty!
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