In trading, an order is a request sent to a broker or trading platform to make a trade on a financial instrument.
The company who receives the order will then attempt to ‘
fill’ it before it expires. Orders that have not been closed are referred to as open orders. Usually, orders will be given over the phone or online.
Orders vary in the length of time they can remain open for, and stipulations for how they can be filled. Market orders, for instance, request your broker to trade an asset at the best available price before the end of the day. Stop and limit orders stipulate the price at which the asset should be bought or sold.