Skip to navigation
Orders & Positions

Order Types

View as Markdown

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 seeks execution against available liquidity at the best available prices. Execution depends on order-book depth and trading restrictions: the order may fill at multiple prices, fill partially, or fail to complete. Check the actual order status and fills.

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)

Take Profit and Stop Loss are conditional exit instructions. Reaching a trigger price activates the configured order; it does not guarantee a fill, an execution price, a profit or a maximum loss.

Take Profit aims to exit after a favorable price move; Stop Loss aims to reduce exposure after an adverse move. Neither guarantees an execution result or prevents liquidation.

Submission means an order request has been sent; acceptance, triggering and execution are separate states. A triggered market order depends on available liquidity. A triggered limit order must also satisfy its limit price and may remain unfilled.

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.