A market order is the simplest of orders and is used when the greatest priority of the customer is for immediate execution. A market order instructs the broker to buy or sell contracts immediately at the market price, the best possible price for immediate execution. Market orders are the easiest way to enter or exit a market since the customer receives immediate execution - and must pay or receive whatever price is necessary for immediate execution.
A limit order is like a market order with one exception, price takes the priority. For limit orders, the customer includes, along with the type and quantity of contracts to purchase, a maximum price to pay for the contracts. A customer will use a limit buy order if they desire to buy the contract, but at a specified price - the limit price. This price is always below the prevailing market price. The same is for a Sell Limit, ie if the customer wants to sell when a specified price is reaced which is higher than the current price.
A stop order, like a limit order, is only executed once a specific price is reached. The limit order is typically used to enter into a position at a specific price, a stop order is usually used to exit or close a position at a specific price. A stop order to buy has a price that is above the market price. Similarly, a stop order to sell has a price that is below the market price. Good 'Till Cancelled (GTC)
A GTC order remains active in the market until you decide to cancel it. Ellipsys will not cancel the order at any time. Therefore it's your responsibility to remember that you have the order scheduled.
A GFD order remains active in the market until the end of the trading day. Because foreign exchange is a 24-hour market, this usually means U.S. markets close. However the system accepts mostly GTC orders so you need to specify of your order is GFD.