Order Lifecycle
"There are 3 statuses that DriveWealth considers immutable; CANCELLED, REJECTED, and
FILLED.
When an order is submitted it will be returned with a status of NEW. From here the status
can be updated to any of the following; PARTIAL_FILL, CANCELLED, REJECTED, FILLED.
A PARTIAL_FILL will ONLY transition to FILLED or CANCELLED.
On fractional orders that are < 1 share you should not expect to receive a PARTIAL_FILL
status. For orders that are fractional but > 1 shares (eg. 5.12580012) you will receive a
PARTIAL_FILL status for the whole share execution, and upon fractional share execution
the status will be updated to FILLED.
For PARTIAL_FILL orders that wind up being CANCELLED its possible to determine the
executed amount prior to the order cancellation using the cumulativeQuantity in the
response. cumulativeQuantity is the total amount that has been filled, where the quantity of
an order is the amount that was requested."
Market orders
"Market orders are submitted immediately to execution venues (assuming the security is
actively trading) and carry the highest priority. Provided there is sufficient liquidity to fill the
order, customers can expect very fast execution, but without any guarantee of price. The bid
or ask the customer sees when placing the trade is an indicative price only, and due to the
fast-moving nature of the market, the actual executed price may differ."
Limit orders
"Unlike market orders, limit orders have a guarantee of price if filled. To achieve this, an
order for a quantity and specified price is sent to an exchange or market maker to be later
paired with a buyer or seller also willing to transact at that price. There is no guarantee that
the order will be executed—for example: if a customer wants to purchase stock at
$100/share, they may not ever receive a fill if the security continues to trade around
$120/share.
Buy orders are created with a price below the current ask, and sell orders are created with a
price above the current bid. It is possible for the customer to receive a price better than
requested. Limit orders can also be set to expire up to 90 days from the date of creation.
Because limit orders need to rest in an order book at a market maker, limit orders accept
whole-share quantities only."
Stop orders
"Stop orders create market orders when a condition has been reached.
Like limit orders, these order types require both a quantity and a price. Unlike limit orders,
this price is not a guarantee. Instead, it is a triggering price which, upon the security trading
at, dispatches a market order to buy or sell the requested quantity.
The trigger prices should be set according to the following:"
Buy stop: Above current ask (ask + 0.05)
Sell stop: Below current bid (bid + 0.05)