Simulator How-To Guide: Cancelling Orders
  1. Simulator How-To Guide: Introduction
  2. Simulator How-To Guide: The User Interface Tabs
  3. Simulator How-To Guide: Purchasing Stocks
  4. Simulator How-To Guide: The Portfolio Summary Page
  5. Simulator How-To Guide: Ticker Symbol Look Up
  6. Simulator How-To Guide: Stock Quote Information
  7. Simulator How-To Guide: Diversified Portfolio
  8. Simulator How-To Guide: Selling Stocks
  9. Simulator How-To Guide: Advanced Trade Types
  10. Simulator How-To Guide: Short Selling
  11. Simulator How-To Guide: Covering Short Positions
  12. Simulator How-To Guide: Cancelling Orders
  13. Simulator How-To Guide: Margin Accounts
  14. Simulator How-To Guide: Buying Options
  15. Simulator How-To Guide: Options Usage
  16. Simulator How-To Guide: Conclusion

Simulator How-To Guide: Cancelling Orders

Depending on the order type and the time of day, a player may have the capability to cancel an order from being executed. Please realize that limit and stop orders can always be canceled prior to execution. Due to the nature of how basic market orders are supposed to behave, they cannot be canceled. The only exceptions are for MARKET OPEN orders (A special class of market orders that are made when the markets were closed for trading), which can be canceled before the markets open for trading.

We will now go through an example about canceling an existing buy limit order for Microsoft (Nasdaq:MSFT) (If you need to review how to make a limit order, click here).

First, click on the trade tab.


Click on the Open Trades link that appears in the area below the tabs.


Finally, Click on the corresponding "cancel" link (in this case, its the one for MSFT) to initiate the cancel.

In the case of limit and stop orders, cancellation does not happen instantly. It will typically take around 20 minutes from when the cancel request is initiated before the order will be removed. If the target price is met during that 20 minutes, the order will still go through. Market open orders, on the other hand, will be instantly canceled when the cancel command is selected.

Simulator How-To Guide: Margin Accounts

  1. Simulator How-To Guide: Introduction
  2. Simulator How-To Guide: The User Interface Tabs
  3. Simulator How-To Guide: Purchasing Stocks
  4. Simulator How-To Guide: The Portfolio Summary Page
  5. Simulator How-To Guide: Ticker Symbol Look Up
  6. Simulator How-To Guide: Stock Quote Information
  7. Simulator How-To Guide: Diversified Portfolio
  8. Simulator How-To Guide: Selling Stocks
  9. Simulator How-To Guide: Advanced Trade Types
  10. Simulator How-To Guide: Short Selling
  11. Simulator How-To Guide: Covering Short Positions
  12. Simulator How-To Guide: Cancelling Orders
  13. Simulator How-To Guide: Margin Accounts
  14. Simulator How-To Guide: Buying Options
  15. Simulator How-To Guide: Options Usage
  16. Simulator How-To Guide: Conclusion
RELATED TERMS
  1. Day Order

    An order to buy or sell a security that automatically expires ...
  2. Canceled Order

    1. A previously submitted order to purchase or sell a security ...
  3. Immediate Or Cancel Order - IOC

    An order to buy or sell a security that if not immediately filled, ...
  4. Canceled Check

    A check that has cleared the depositor's account and has been ...
  5. Good This Month - GTM

    A limit order to buy or sell a security that remains in effect ...
  6. End Of Day Order

    A buy or sell order that specifies a price for the security, ...
RELATED FAQS
  1. How can I use a buy limit order to buy a stock?

    Learn how a buy limit order is used by an investor who wants to buy a stock at a certain price, and understand how limit ... Read Answer >>
  2. What happens when a company buys back its shares?

    When a company performs a share buyback, there are a few things that the company can do with the securities they buy back. ... Read Answer >>
  3. At what point in the ordering process does a broker charge commission?

    When placing a market order for a security through a broker, there will be a commission accompanying the service. The fee ... Read Answer >>
  4. How do I place a limit order online?

    Learn how a limit order is placed, the types of stocks it is most useful for and the specifications placed with it to suit ... Read Answer >>
  5. How do you know if a trade placed to a broker is confirmed?

    Learn how to check if trades placed with brokers online or over the telephone have been filled and confirmed. Explore different ... Read Answer >>
  6. What's the difference between a market order and a limit order?

    Buy and sell trades with market orders at the present stock price and execute limit orders if the stock price falls within ... Read Answer >>

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