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UNIT 2

Orders & Execution

Every order trades price certainty against execution certainty.

PrioritySpeedPrice
What it tells you

How an intended trade can differ from the price actually received.

When it is useful
  • Choosing order types
  • Reviewing high-turnover strategies
When it fails
  • Limit orders can miss
  • Stops can gap past their trigger
COMMON MISTAKE

Assuming every backtest trade fills at the displayed price.

Evidence note

Observed implementation shortfall often grows with volatility, urgency, and trade size.

60-SECOND CHEAT SHEET

Remember this.

  1. 1Market = speed
  2. 2Limit = price control
  3. 3Thin book = more slippage
NEXT ACTIVITYBuild the order ticketChoose between speed, price control, and breakout triggers.
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