Advanced Trade provides multiple ways to place a buy or sell order. Each order type slightly differs in its function, so it is important to know which one to use for what purpose:
Good Til Cancelled (GTC) = The order will stay on the order book until it is filled, or until you cancel it manually. Unfilled GTC orders are cancelled automatically after 30 days. This is the most common method used to place orders.
Fill or Kill (FOK) = The order will either fill immediately at the requested price, or be cancelled and funds will be returned back to the trader. This is most often used by active traders or for large orders in order to mitigate the risk of significant changes in order value (known as slippage).
Immediate or Cancel (IOC) = The order will fill as much as possible at the requested price, and any unfilled volume will be cancelled and the funds will be returned back to the trader. This is used to avoid partially-filled orders staying on the order book.