What order types are available with Direct Investments?

Superhero Super offers members a range of different order types for buying and selling Direct Investments.

Market Order

A Market Order is an order to buy or sell at the market price.

For a buy order, the order will be placed at the price set by the lowest seller in the market at the time the order is placed.

If for any reason your order does not trade immediately, the price of your order will be continually updated (increased) in increments until the order trades, in full.

If the market order is a sell order, the order will be placed at the price set by the highest buyer in the market at the time the order is placed. If for any reason your order does not trade immediately, the price of your order will be continually updated (decreased) in increments until the order trades, in full.

Limit Order

A Limit Order is an order to buy or sell a certain number of shares for a specified price (or better).

Limit Orders expire 30 days after you place the order.

Stop Loss Order

A stop loss order is an order to commence selling a stock once the share price reaches a specified price, known as the ‘stop’ or ‘trigger’ price. 

When the ‘stop’ or ‘trigger’ price is reached, a stop loss order becomes a market to limit sell order. For market to limit sell orders, an order will be placed at the price set by the highest buyer in the market at the time the order is placed and remains at that price until the order trades, or expires.

Stop loss orders are most commonly used by investors to assist in limiting downside risk.

Recurring Order

Recurring orders allow you to schedule automatic buy order(s) on a regular schedule. When you set up a recurring order, you can select the start date of the order as well as the frequency (every market day, weekly, fortnightly or monthly).

Once you have selected the order schedule, select the amount you wish to invest each time and confirm. If you do not have enough funds available to invest we will try to place the order again the next day.

Recurring Orders are placed as a Market Order based on the frequency you choose.