Discretionary Order
An order giving a broker the ability to decide when to buy/sell securities at the best possible price for the customer. Some discretionary orders place restrictive terms to limit the amount of discretion the broker has. Investopedia Says:
When placing a discretion order, the investor is giving limited discretion to the broker and allowing for the timing of buying/selling to be decided by the trader. Related Terms:
Autotrading
Limit Order
Market Order
Stop Order
Time-Of-Day Order |