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The purpose of learning how to use price orders to your advantage is obvious. Profitable day trading depends on making every penny and every point count. You must be consistent and frugal in everything you do. Here is a list of dos and don'ts with respect to orders: The Importance of Orders 146 Try to avoid using market orders unless absolutely necessary.

Market orders cost you ticks. If you lose a few ticks getting in and a few ticks getting out, then you have lost good money, often unnecessarily. There are many good alternatives to market orders. Some of them have been discussed above, some will be discussed below. Don't use MOC orders.

They will cost you ticks. Ticks add up. A few ticks here, a few ticks there, pretty soon it adds up to real money. If you must use such an order then you are probably better off selling at the market several minutes before the close than in giving your broker an MOC order.

As far as I'm concerned an MOC is, most often, a license to steal. Use stop limit orders instead of stop orders. In most cases you will be filled. If you are concerned about being filled, put a one- or two-tick limit on your order. Fill-or-kill orders can be used to your advantage in several ways. If you need to exit or enter a trade and you don't want to wait to find out if you've been filled then use an FOK order.

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