# Order types and executions

When trading on Backpack EU, it's crucial to understand the different types of orders you can place.

**This guide will walk you through each order type and its purpose to help you execute your trading strategy effectively.**

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## Order Types

### Market Order

* **Type:** Market
* **Description:** A market order is executed immediately at the best available current price.
  * You specify the quantity of the asset you want to buy or sell, and the trade executes at the prevailing market price.
* **Key Points:** You must specify either a **quantity** or **quoteQuantity** when placing a market order.
  * No price setting is needed; the order will fill at the best available price.
  * Market orders are subject to slippage in fast-moving markets.

### Limit Order

* **Type:** Limit
* **Description:** A limit order allows you to set a specific price at which you want to buy or sell an asset.
  * This order type guarantees the price but not the execution.
* **Key Points:** You need to set both a **price** and **quantity** for a limit order.
  * The order will only execute if the market price reaches your set limit price.
  * A limit order can be a 'maker' order if it doesn't match immediately with an existing order, adding liquidity to the market.

### Post Only

* **Field:** postOnly
* **Description:** This is a conditional flag for limit orders that ensures the order will be added to the order book and not match with a pre-existing order.
  * If it would match, the order is canceled instead.
* **Key Points:**
  * Ensures the order will be executed as a maker order, contributing to market liquidity.

### Time In Force

* **Field:** timeInForce
* **Options:** GTC, IOC, FOK
* **Description:** This determines the length of time your order will remain active before it is executed or expires.
  * **GTC** (Good 'Til Canceled): The order will stay active until it is filled or manually canceled.
  * **IOC** (Immediate or Cancel): The order must be executed immediately, and any unfilled portion is canceled.
  * **FOK** (Fill or Kill): The order must be filled in its entirety immediately, or it is entirely canceled.

### Self-Trade Prevention

* **Field:** selfTradePrevention
* **Options:** RejectTaker, RejectMaker, RejectBoth, Allow
* **Description:** These settings prevent you from matching an order with another one of your own orders.
  * **RejectTaker**: Cancels the taker side of the trade if it matches with one of your existing orders.
  * **RejectMaker**: Cancels the maker side of the trade if it matches with one of your existing orders.
  * **RejectBoth**: Cancels both sides of the potential self-trade.
  * **Allow**: Allows both sides of the self-trade to execute.

### Trigger Price

* **Field:** triggerPrice
* **Description:** This is used for conditional orders, such as stop-limit orders.
  * The **triggerPrice** is the price at which your limit order becomes active on the order book.

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## **Detailed API Documentation**

For the specifics of each order type and to understand the complete range of order functionalities, please refer to our comprehensive API documentation at[ **https://docs.backpack.exchange**](https://docs.backpack.exchange/)

Understanding these order types and conditions will enhance your trading experience on Backpack EU. Choose the order type that aligns with your trading goals and market conditions.


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