Definition
An order expresses trading intent; it is not itself a completed trade. Essential details usually include the market, direction, quantity, and order type. Limits, trigger conditions, and time-in-force settings further determine how the instruction may be handled.
How It Works
A trader might request a purchase of 2 units only at 100 USDT or less. The venue checks the instruction against balance, size, and price rules before matching it or placing it in the book. One order can generate several executions at different times and prices. It may also expire, be rejected, or be canceled.
Key Considerations
Acceptance does not guarantee a fill. Canceling a pending order cannot reverse portions already executed, and cancellation can race with execution. Check the final order status and trade records before submitting a replacement, particularly after a connection interruption.