#OrderTypes101

Order type 101 likely refers to a "market order" in the context of stock trading. A market order is a type of order to buy or sell a stock immediately at the best available price. It guarantees execution, but not necessarily at a specific price.

Elaboration:

Market Order:

This is the simplest type of order. When you place a market order, you are telling your broker to buy or sell the stock as quickly as possible at the current market price.

Guarantee of Execution:

Market orders are guaranteed to be filled, meaning your trade will be executed.

No Price Guarantee:

However, a market order does not guarantee you will get the exact price you expect. The market price can change quickly, and you might get a slightly different price than what you initially saw.

Immediate Execution:

Market orders are typically executed almost instantly during normal trading hours.

Slippage:

It's important to be aware of slippage, which is the difference between the expected price and the actual execution price. Slippage can be due to delays in the execution process or changes in the market price.

In summary, order type 101 likely refers to a market order, which allows for immediate execution at the best available price, but without a guaranteed price.