What is the difference between a Market Order and a Limit Order?
Market orders will be triggered straight away at the current market price. A limit order is an instruction to buy or sell a pre-specifed number of units of a market at a pre-specified price (should the current market price reach this threshold). Limit orders are a way of controlling positions without having to constantly monitor your trading account, although the account should still be monitored. This gives the customer some control over the price at which the trade is executed, but may prevent the order from being executed (“filled”).
Why did my order trigger, even though the fill price didn’t reach my order level price on the chart?
If you use the Candlestick chart for example, you might not get all the necessary price information. It’s often better to use the Min/Max chart where you will get the lowest bid (sell)- and highest ask (buy) price during a certain period of time.
What is the difference between an order, a trade and a position?
An order is the request to trade at a defined set of conditions. A trade is the accomplishment of that order. A position is the collective of all your executed transactions in a certain market.