JagSim has the three order types every broker offers: market, limit and stop. Practice each one with $100,000 in virtual money on real-time prices and see exactly when it fills and at what price. This page shows each with an example; how trading works on JagSim has every rule in full.
The short version: A market order takes the latest price now, a limit order waits for your price or better, and a stop order waits for a price to be reached and then trades at market.
| Market | Limit | Stop | |
|---|---|---|---|
| Fills when | At once, on the latest trade | A trade reaches your price | A trade reaches your stop |
| Fills at | The latest trade | Your price or better | Your stop, or the first trade past it after a jump |
| Stock hours | 9:30 AM to 4:00 PM New York | Also 4:00 AM to 8:00 PM, with the box ticked | 9:30 AM to 4:00 PM New York |
| Coins | Any hour | Any hour, good til canceled | Any hour, good til canceled |
A market order has no price of your own: it takes the price of the latest trade. Placed while the stock market is open, a stock order fills at once (a stock that has not traded yet that day waits for its first trade). Placed while it is closed, it waits under Open orders and fills shortly after the next 9:30 AM open, at the price of the latest trade then. A coin market order fills at once, at any hour.
Practice: buy 1 share at market and compare the price in the confirmation with the price on the screen a moment before. They can differ, as they can at a real broker.
A limit order names the worst price you will accept and waits under Open orders. A buy limit fills when a trade reaches your price or lower, a sell limit when a trade reaches your price or higher, and it fills at your limit price. It fills better in two cases only: when the market is already past your price as the order arrives, and when a stock opens past your limit on a day the order is still waiting.
A limit is the only order that can fill before the 9:30 AM open (from 4:00 AM) or after the 4:00 PM close (to 8:00 PM), and only if you tick “Fill during pre-market and after-hours”. See pre-market trading and after-hours trading.
Practice: set a buy limit a little under the price and watch whether the market comes to it.
A stop order waits until a trade reaches your stop: at or above it for a buy, at or below it for a sell. Then it fills as a market order: at your stop when the price moves through it, or at the first trade past it when the price jumps past it, which can be worse than your stop. A sell stop under a holding is how a stop-loss works. For stocks, stop orders fill in the regular session only, and the order box refuses a stop that is already on the wrong side of the price.
Every order is either Day, which ends at that day’s 4:00 PM close (1:00 PM on a half day) if it has not filled, or Good til canceled, which waits until it fills or you cancel it. Limit and stop orders for coins are always good til canceled, since coins never close. The difference is explained on day order vs good til canceled.
JagSim follows the size rules of real trading apps:
The order box says what to change before you press, in plain words, for example “AAPL trades in whole shares. Enter 2 instead of 2.5.” or “The smallest order is $1.00. Enter at least $1.00.”
JagSim checks waiting limit and stop orders about every 40 seconds, against every minute of trading since you placed them: each minute’s highest and lowest trade, not only the price at that moment. A price that touches your limit between two checks and moves back still fills it. While Chart is open, your page also asks JagSim to fill a waiting order as soon as it sees the price reached, and JagSim decides by the same rule. For a coin, a waiting limit or stop fills when the prices drawn on Chart reach it on at least two exchanges in the same minute, at your order’s price, so the chart you watch and the fill agree.
Cash for an open buy is set aside while it waits, shares in an open sell cannot be sold twice, and you can have up to 60 open orders at a time.
JagSim has no stop-limit, trailing stop, bracket, one-cancels-other or market-on-close orders. It is a cash account: no margin, no leverage and no short selling, so a sell order sells only what you hold. There is no bid, no ask and no spread, and no fee or commission: an order fills at the price of a real trade, which is a little kinder than a real broker, where a market buy usually fills near the ask. There is no pattern day trader rule.
Three: market, limit and stop orders, each for the day or good til canceled. There are no stop-limit, trailing stop or bracket orders.
Usually one of three reasons: no trade reached your price while the order was waiting, it was a Day order and the close came first, or it was a stock limit outside 9:30 AM to 4:00 PM without the pre-market and after-hours box ticked.
Not of a stock or fund: they trade in whole shares. Coins trade in fractions to 8 decimal places.
$1.00, except a sale of everything you hold of a stock or coin, which is always allowed.
No. JagSim does not apply the US pattern day trader rule, and the cash from a sale can be spent at once.
No. Orders fill at the price of a real trade with no bid, ask, spread, fee or commission. A real broker usually fills a little worse.