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A stop order to buy or sell becomes a market order when the market reaches the price specified in the order, or trades through that price. For example, a stop order to buy becomes a market order when the instrument trades or is bid at or above the stop price. A stop order to sell becomes a market order when the instrument trades or is offered at or below the stop price. A sell stop order is placed below the prevailing market price and a buy stop order is placed above the market. Also called Stop Loss Order.
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