What are the different order types in stocks?

The instruction given by a client to his stock broker about how to carry out his/her trade is an order type. The three basic order types are;

1. Market Order

   A Market Order is an order to buy or sell a specified quantity of shares immediately, at the current market price.

2. Limit Order

   A Limit Order is an order type where a trader defines an exact price at which he is willing to buy or sell shares.

3. Stop Order

   A Stop Order is an instruction to the stock broker to buy or sell stocks as soon as the stock price reaches the specified trigger price or stop price.

All other order types stem from the above three order types.