Day: For US securities, day orders are live during market hours. Orders placed after 4 p.m. EST will be executable the following business day.

Canadian stock orders are live during market hours and may remain executable until 5 p.m. EST*.

GTC (good 'til cancel): For U.S. securities, the orders are open during market hours through multiple days, and remain open until they are fully executed, expire (they can remain open from six months to one year), or are cancelled.

Canadian orders can remain open for three months. Orders can execute during market hours and may execute during the extended market - until 5 p.m. EST*.

GTC orders filled on multiple days will incur a separate commission each day. Remember to check your GTC orders consistently and re-enter when necessary.

GTEM (good till extended market): Used for pre- and post-market trading*. These orders are also open during market hours.

GTD (good till date): GTD orders are only valid for Canadian securities and expire up to 30 days in the future. Orders can execute during market hours and may execute during the extended market - until 5 p.m. EST*.

*For information on executing orders outside of market hours, please see the section titled: trading in the pre- and post-market.

Stop order: a trade sent to market at a price other than the current market price. You are requesting the order be filled only when it reaches your stop order.

Note: when your stop price is triggered a market order is sent to the exchange. Exchanges have different criteria when triggering a stop price. Some exchanges use the last trade price, while others use the bid/ask method - a matching bid (ask) will trigger your stop sell (buy) order.

Stop limits: when a stop limit is triggered, it is sent to the market as a limit order, as per the limit setup. When buying (selling) U.S. stocks, the limit must be equal or higher (lower) than the stop. For Canadian stocks, the limit price must be equal to the stop price.

VTSO (virtual trailing stop): these orders are trailing stops that adjust as the stock price moves. When entering the stop, enter the trailing amount not the desired price.

Market orders: these orders are routed directly to the exchange and executed at the best available price.

Limit orders: a limit order allows you to set the maximum buy price you would pay and the minimum sell price you would accept. Limit orders are routed to the exchange and add liquidity to the books unless they are immediately executable.

Market orders for options can only be entered during regular market hours (9:30 a.m. to 4 p.m. EST). Limit, stop, and stop-limit orders can be placed at any time.

Buy to open: used to open a long option position, be it a call or a put.

Sell to close: used to close a long option position, be it a call or a put.

Sell to open: used to open a short or naked option position, be it a call, put, or a covered call.

Buy to close: used to close a short or naked option position, be it a call, put, or a covered call.

Shorting: this strategy is selling stock you do not own. You would borrow stock from Questrade in the hope the price will fall and you can buy it back at a lower price. Please be aware that not all stocks are available to short and there is a risk that you could be asked to buy the stock back at anytime.

Covering: this is closing a short position i.e. buying back the shorted (borrowed) shares.

For all orders select AUTO as the preferred ECN to have the system automatically route your order.

Note: some preferred ECNs are only available on QuestraderPro and QuestraderElite.

AUTO: Orders are executable during market hours (9:30 p.m. to 4 p.m. EST) and in the pre- and post-market*. This is the default preferred ECN and can be used for any order.

Preferred ECN options for US securities

MNGD, POST and LAMP: Orders are executable during market hours only. These are not direct access routes; however, no ECN fees are charged.

ARCA: (Archipelago, owned by NYSE Euronext) Orders are executable during market hours and may execute in the pre- and post-market*. ARCA charges for executions that remove liquidity.

INET: (Instanet, owned by NASDAQ) Orders are executable during market hours and may execute in the pre- and post-market*. INET charges for executions that remove liquidity.

NYSE: (owned by NYSE Euronext) Orders are executable during market hours only. NYSE charges for executions that remove liquidity.

Preferred ECN options for Canadian securities

STSX, TPIK, TPKV, MxV: Smart routers for Canadian securities. Orders are executable during market hours and stock orders may remain executable until 5 p.m. EST*. Exchange or ATS (alternative trading system) fees apply if the order removes liquidity.

* For information on executing orders outside of market hours, please see the section titled: trading in the pre- and post-market.

For information on exchange, ECN and ATS charges please see:
http://www.questrade.com/pricing/exchange_ecn_fees.aspx

AON: All or none orders are only executed as the whole order or none at all. There would be no partial fills.

Margin requirement:This is the minimum amount required to secure any loans (if applicable) on your account.

Note: margin is not available in registered accounts, including the tax-free savings account. Learn more »

Maintenance excess: The excess margin that is available to you above your margin requirements.

Note: if you only want to use your cash to trade, keep both your Canadian and U.S. cash balances positive or at $0.

Buying power: The maximum value of securities you can buy provided that the securities are eligible for 3:1 margin. Buying power is typically three times your maintenance excess. Learn more »

Why can’t I enter a stop order for stocks traded on the TSX or Venture? Orders through Questrade are direct-access, meaning client orders go directly to the market. The TSX and Venture Exchanges do not accept stop orders. However, in certain circumstances, both Canadian exchanges do allow on-stop or stop-limit orders. In order to use these order types, the stop and the limit price must be the same.

What orders remove liquidity, and how can I avoid ECN fees?
Exchanges and Electronic Communication Networks (ECNs) charge a fee to all market participants who use their networks, although participants who add liquidity are in some instances exempt. In addition, some exchanges add a surcharge for professional subscribers. In both cases, these charges are levied by the exchange, not by Questrade.
The other strategy for avoiding ECN fees is to send your order to market as MNGD – or managed. Please note that a managed order is handled by a market maker and does NOT go to the market as direct access.

The TSX, TSX Venture and ATSs charge fees during certain conditions. These fees can apply to both opening (i.e., buys and shorts), and closing (i.e., sells and covers) transactions.

Clients can expect to pay these fees:

• If the order removes liquidity from the market. An example of this is any market or marketable limit order. Note that a marketable limit order is one that is filled right away because it is priced better than the current market price.
• If the order is executed within the first few minutes of the market open, normally 9:30 a.m. to 9:35 a.m. EST.
• If the order removes liquidity in the pre- or post-market.
• If there are special instructions on the order. One example is an AON (all or none order) which will always be charged this fee.
• If the stock being traded is illiquid.

For additional information on TSX, TSX Venture, and ATS charges please see:
http://www.questrade.com/pricing/exchange_ecn_fees.aspx

The U.S. pre-market hours are from 8 a.m. to 9:30 a.m. EST. The post market hours are from 4 p.m. to 5:30 p.m. EST. To trade in these extended market hours, please follow these directions:

• The order must be placed as a limit order
• Choose ARCA or INET as the preferred ECN
• Choose GTEM (good to extended market) as the duration

Canadian stocks do not have a pre-market. A limited post market exists for Canadian stocks at or near the closing price. To trade Canadian stocks in the post-market, from approximately 4:15 p.m. to 5 p.m. EST, please follow these directions:

• The order must be placed as a limit order
• Choose AUTO as the preferred ECN
• Choose GTEM (good to extended market) as the duration

Open Canadian stock orders placed prior to 4 p.m. EST will remain executable until 5 p.m. EST. This applies to limit orders and stop-limit orders where the stop price has already been triggered (i.e. the stop price was hit during market hours).

Canadian orders cancelled between 4 p.m. to 5 p.m. EST may not immediately cancel, and may be held by the market until after 5 p.m. EST. At this time all expired and cancelled orders will be processed.