{"id":175457,"date":"2020-08-27T17:38:00","date_gmt":"2020-08-27T21:38:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/trading-lessons\/market-order-type-using-tws-mosaic\/"},"modified":"2023-12-19T09:34:40","modified_gmt":"2023-12-19T14:34:40","slug":"market-order-type-using-tws-mosaic","status":"publish","type":"trading-lessons","link":"https:\/\/www.interactivebrokers.com\/campus\/trading-lessons\/market-order-type-using-tws-mosaic\/","title":{"rendered":"Market Order Type Using TWS Mosaic"},"content":{"rendered":"<p>In this lesson, we\u2019ll walk you through how to set up a Market order using TWS Mosaic.<\/p>\n<ul>\n<li>We\u2019ll define the objective of the Market order type<\/li>\n<li>Show you how to create a Market order in TWS Mosaic<\/li>\n<li>Show you where you can locate Market orders within the Activity panel<\/li>\n<\/ul>\n<h4>Market order<\/h4>\n<p>When you want to sell or buy shares at the market bid or offer price, you are choosing to execute a <strong>Market order<\/strong>.<\/p>\n<p>This type of order may not only increase the likelihood of a fill, but also the speed of execution.<\/p>\n<p>Unlike the limit order, Market orders do not provide price protection. In fact, they may fill at a price worse than the displayed bid or ask price.<\/p>\n<p>Set up of Market order in TWS<\/p>\n<p>If you want to conduct a Market order, here\u2019s how to set it up in IBKR\u2019s Trader Workstation:<\/p>\n<p><strong>First<\/strong>, choose your ticker symbol from the Watchlist.<\/p>\n<p>~ Tip: You can select ticker in the order entry panel<\/p>\n<p><em>For example<\/em>, let\u2019s select NFLX \u2013 the ticker for Netflix.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-medium wp-image-2363 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord1.png\" alt=\"\" width=\"960\" height=\"491\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 960px; aspect-ratio: 960\/491;\"> Do we want to <em>buy <\/em><strong>or<\/strong><em> sell<\/em> shares of Netflix?<\/p>\n<p>For illustration purposes, let\u2019s <em>buy<\/em>. To do this, I\u2019ll start off by clicking on the buy button \u2013 but now I also need to know how many shares I want to buy.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2364 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord2.png\" alt=\"\" width=\"688\" height=\"353\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 688px; aspect-ratio: 688\/353;\"><\/p>\n<p>Ok, I\u2019ve decided I want to buy 200 shares. I can select this number by clicking in the Quantity field.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2365 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord3.png\" alt=\"\" width=\"684\" height=\"351\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 684px; aspect-ratio: 684\/351;\">I can also type this \u2013 200 \u2013 as my&nbsp;number of shares, directly into the input field. Now, it looks like I already have 100 shares of Netflix.<\/p>\n<p>That\u2019s what this number tells me \u2013 that I already have a position in the company, and now I\u2019m buying more.<\/p>\n<p>This order type drop-down menu should look familiar \u2013 we used this for the Limit order in another lesson \u2013 but since this is a Market order, I\u2019m going to select MKT for that.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2366 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord4.png\" alt=\"\" width=\"665\" height=\"341\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 665px; aspect-ratio: 665\/341;\">Also, because this is a Market order, there\u2019s no need to change the time in force field \u2013 we\u2019ll just leave that as DAY.<\/p>\n<p>Now, when I submit this order, it will use IBKR\u2019s SmartRouting \u2013 this means that, by default, the order will be routed across all available exchanges to achieve the most favorable price.<\/p>\n<p>For this to happen, just click on the Submit button.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2367 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord5.png\" alt=\"\" width=\"680\" height=\"348\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 680px; aspect-ratio: 680\/348;\">And that\u2019s it!<\/p>\n<p>My market order to buy 200 shares of Netflix has been entered.<\/p>\n<p>Locate orders in the Activity panel<\/p>\n<p>I can see the details of my order in the Order Confirmation window.<\/p>\n<p><img decoding=\"async\" class=\"alignnone wp-image-2368 lazyload\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/01\/ord6.png\" alt=\"\" width=\"598\" height=\"306\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 598px; aspect-ratio: 598\/306;\">Meanwhile, the Orders window in the Activity panel will provide you with an update on your open order, and&nbsp;details on filled orders will display on the Trades tab.<\/p>\n<h4>TWS Mosaic Market order<\/h4>\n<p>Overall, Market orders may be useful to investors when markets are liquid, and their order size is unlikely to move the share price.<\/p>\n<p>However, if markets are less liquid, this order type could move prices adversely, especially for larger orders.<\/p>\n<p>It\u2019s therefore important to consider both market conditions, as well as regular volume, for the specific stock you are trading.<\/p>\n<p>Now that you know how to create a Market order in Mosaic, let\u2019s turn our attention in the next lesson on order types in Traders\u2019 Academy.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This lesson explains the trade-off between a Limit and Market order. It also demonstrates the creation of Market orders using TWS Mosaic.<\/p>\n","protected":false},"author":899,"featured_media":221496,"parent":0,"comment_status":"open","ping_status":"closed","template":"","meta":{"_acf_changed":false,"footnotes":""},"contributors-categories":[13576],"traders-academy":[13125,13128,13132],"class_list":{"0":"post-175457","1":"trading-lessons","2":"type-trading-lessons","3":"status-publish","4":"has-post-thumbnail","6":"contributors-categories-interactive-brokers","7":"traders-academy-beginner-trading","8":"traders-academy-level","9":"traders-academy-trading-lesson"},"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Archives | Traders&#039; Academy | IBKR Campus<\/title>\n<meta name=\"description\" content=\"This lesson explains the trade-off between a Limit and Market order. 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