While we're not able to recommend a specific strategy or predict market movements, what we can suggest is to familiarise yourself with the different order types available — what they are and how they're used. This may help you feel more confident and make a more informed decision when you go to place your first few trades.
Order types
- A limit order lets you specify the exact price at which you're willing to buy or sell shares and gives you control over the price you transact at — you won't pay more (buying) or receive less (selling) than the price you set. This can be useful if you have a particular price in mind.
- A market to limit order fills at the best price currently available in the market — matching with the highest buyer (for a sell) or lowest seller (for a buy). This may suit you if you want to transact more quickly rather than wait for a specific price.
Timing and expiry:
- If your order doesn't fill straight away, using the Good Till Date option gives it more time in the market, which may improve the chances of your order being filled in full at your desired price.
Things to keep in mind:
- There's no guaranteed "best price" — it depends on market conditions, liquidity, and timing, all of which are outside anyone's control.
- Larger orders in particular may fill in stages, which can result in an average price rather than a single fill price.
For a more comprehensive look at the order types that Selfwealth offers, click here.