What Order Types Are Available in Futures Trading?

Different order types allow you to execute futures trades in the most effective way depending on your strategy.Below are the most commonly used order types in contract trading.

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1. Market Order

   Key Features

   • Executes immediately

   • Buys or sells at the best available market price

   • No need to set a price

   Best For

   • Entering or exiting a position quickly

   • Situations where execution speed is more important than price

   Drawbacks

   • In volatile conditions, the execution price may differ from the expected price (slippage)

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1. Limit Order

   Key Features

   • You set the exact price you want to buy or sell at

   • Only executes when the market reaches your specified price

   Best For

   • Traders who want to execute at a specific price

   • Situations where execution price matters more than speed

   Drawbacks

   • If the market never reaches your price, the order may remain unfilled for a long time

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1. Conditional / Trigger Order

   Key Features

   • You set a trigger price

   • Once triggered, the system automatically submits a market order or limit order

   Best For

   • Setting take-profit and stop-loss levels

   • Automating trades without needing to monitor the market

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1. Take Profit Order

   Key Features

   • Automatically closes your position when the market reaches your target profit

   • Helps lock in gains

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1. Stop Loss Order

   Key Features

   • Automatically closes your position when the market moves against you

   • Controls losses and helps prevent liquidation

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1. Trailing Stop

   Key Features

   • The stop price automatically adjusts as the market moves in your favor

   • Only triggers if the market reverses by a set percentage or amount

   Best For

   • Riding upward or downward trends

   • Locking in profits automatically without manually adjusting stop-loss levels

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1. Post-Only Order

   Key Features

   • Ensures your order is added to the order book and does not execute immediately

   • Guarantees Maker status, which usually provides lower fees

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1. IOC / FOK Orders (Immediate Execution Conditions)

   IOC — Immediate or Cancel

   • Executes as much as possible immediately; any unfilled portion is canceled

   FOK — Fill or Kill

   • Must be fully executed immediately

   • If full execution is not possible, the entire order is canceled

   Best For

   • High-frequency trading

   • Large orders where execution certainty is important

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Summary Table

Order Type	Immediate Execution	Price Control	Best For
Market Order	✔	✘	Quick entries/exits
Limit Order	✘ (Only when price hits)	✔	Ideal price execution
Conditional Order	After trigger	✔/ ✘ (Depends)	Automated trading
Take Profit	After trigger	✔	Locking in gains
Stop Loss	After trigger	✔	Risk control
Trailing Stop	Auto-adjust	✔	Trend following & profit locking
Post-Only	✘	✔	Maker fee benefits
IOC / FOK	✔	✔	Large or fast execution needs