Order Types
An order defines how and at what price you want to buy or sell a perpetual contract.
6MM provides multiple order types to support different trading strategies and risk preferences.
Understanding order types helps you enter and exit positions more effectively.
Market Order
A Market Order executes immediately at the best available price in the market.
Key features:
Fast execution
No price guarantee
May experience slippage during high volatility
Best for:
Entering or exiting positions quickly
Highly liquid markets
Limit Order
A Limit Order executes only at the specified price or better.
Key features:
Full price control
May not be filled immediately
Can rest in the order book
Best for:
Entering at a specific price
Reducing slippage
Providing liquidity
Stop Order
A Stop Order is triggered when the market reaches a predefined price.
Once triggered, it becomes either a Market Order or a Limit Order, depending on configuration.
Common use cases:
Stop Loss
Breakout entry
Risk management
Take Profit / Stop Loss (TP / SL)
TP/SL orders allow users to automatically close positions at predefined prices.
Take Profit: Locks in gains when price reaches the target
Stop Loss: Limits losses if price moves against the position
TP/SL orders help manage risk without manual monitoring.
Reduce-Only Orders
A Reduce-Only order ensures that the order can only reduce or close an existing position.
Prevents accidental position increases
Commonly used for exits and risk control
Time-in-Force Options
Orders may support time-in-force conditions such as:
GTC (Good Till Cancelled): Remains active until canceled
IOC (Immediate or Cancel): Executes immediately or cancels unfilled portion
FOK (Fill or Kill): Executes fully or cancels entirely
Availability depends on order type and partner configuration.
Order Execution Notes
All orders are validated before submission
Execution prices are affected by market liquidity
Fees are applied upon execution
Orders that cannot be filled remain open or are canceled according to their settings.
Beginner Tips
Use Limit Orders to control entry price
Use Market Orders only when speed is critical
Always set Stop Loss to manage downside risk
Start with small position sizes
Summary
6MM order types are designed to be:
Flexible for different strategies
Easy to understand for beginners
Compatible with institutional trading standards
Choosing the right order type is a key step in effective perpetual contract trading.
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