Order Types
There are two types of orders: Market Orders and Limit Orders.
Market Order
When you place a Market order, you buy the cheapest order someone is willing to sell to you. Market Orders are guaranteed to fill if a seller exists, but you pay the spread (the gap between buyer and seller prices).
When you buy in dollars, you purchase as many contracts as your dollar amount allows.
Example: A Quick Buy of $100 at 65¢ buys as many contracts as $100 can cover. Buying in dollars focuses on how much you want to bet.
Limit Order
With a Limit Order, you set the price, number of contracts, and expiration date.
Example: The lowest sell price in this market is 65¢, but you only want to pay 63¢. You place a Limit Order at 63¢.
After placing it, your order rests in the order book until a seller matches it. Limit Orders are not guaranteed to fill.
Portfolio
Your Portfolio shows your positions, open orders, and history.
When to Use Each Order Type
Here are some events where each order type makes sense.
Immediate entry, short-term events, willing to pay the spread Examples: Reacting to breaking news when you need an instant fill
Buying a sports contract just before a game starts Trading a debate-night contract during live coverage
Longer-term events, specific price targets, patience to wait for a fill Examples: Accumulating contracts in a long-term election market at your target price Setting 40¢ for an inflation contract weeks before release Setting an order to sell at 75¢ to lock in profit if the market moves your way