Market Orders

What this video covers

• The exact definition of a market order: an order to buy or sell a futures contract immediately at the best price currently available
• Why a market order guarantees a fill, not a price, and how to eliminate any answer choice that claims it locks in a specific price
• How slippage works when the bid-ask spread widens in thin or fast markets, and whether buyers or sellers get the worse fill
• What market with protection is: a predefined range of protection points off the best opposite price, and why it is still not a limit order
• Where unfilled portions of a market with protection order rest after hitting the boundary
• Why plain stop orders and market-if-touched (MIT) orders inherit all market order behavior the instant they are triggered
• The exam trap of whether a triggered stop order guarantees a specific exit price