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Key order types tested include market, limit, stop, and stop-limit orders, often remembered using mnemonics like SLOBS/BLISS.
Key Order Types for the SIE Exam: Market Order: An order to buy or sell immediately at the best available current price. It guarantees execution but not the price. Limit Order: An order to buy or sell at a specific price or better. Buy Limit: Placed below the current market price. Sell Limit: Placed above the current market price. Stop Order (Stop Loss): An order that becomes a market order once a specific price (the stop price) is reached. Used to limit losses or protect profits. Stop-Limit Order: An order that becomes a limit order once the stop price is reached. Solicited vs. Unsolicited Orders: A solicited order is initiated by a registered representative, whereas an unsolicited order is initiated by the client.
Memory Aids for Order Types (SLOBS/BLISS) S.L.O.B.S. (Sell Limits and Open Buy Stops are placed above the market price). B.L.I.S.S. (Buy Limits and Open Sell Stops are placed below the market price).
The exam covers these, along with industry regulations, product risks, and market structure.
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