Does “orderType: market” Force TradersPost to Use a Market Order?
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Setting “orderType: market” in TradersPost does not force a market order if the market is closed. Instead, the order may be queued for market open or rejected during extended hours unless a limit order is used.
Traders using TradersPost often wonder whether specifying “orderType: market” in their webhook will force a market order, especially if the market is closed when the order is sent.
How Market Orders Work in TradersPost
If you set “orderType: market” in your webhook while the market is closed:
• It will not force a market order at market open.
• If the broker does not allow market orders during extended trading, the order will likely be rejected.
• The correct order type for extended hours trading is typically a limit order, as brokers restrict market orders to prevent excessive slippage.
What Happens When You Send a Market Order After Hours?
1. If extended hours trading is NOT enabled:
• The order is queued and sent as a market order when the market opens.
2. If extended hours trading IS enabled:
• The order will likely be rejected unless it is a limit order, since most brokers require limit orders for after-hours trading.
How to Ensure Proper Order Execution
• Use Brokers’ Built-in Settings – Instead of manually setting order types in JSON, configure extended trading settings within TradersPost.
• Use Limit Orders for After-Hours Trading – If you must trade outside regular hours, send a limit order instead of a market order.
• Check Broker Rules – Brokers may have different policies on market vs. limit orders during extended hours, so always verify their requirements.
Final Thoughts
Setting “orderType: market” in TradersPost does not guarantee execution as a market order if the market is closed. Instead, the order may be queued for market open or rejected if after-hours trading is enabled. Traders should use limit orders for after-hours trading and configure settings directly in TradersPost for the best execution results.