A stop order that designates a price limit. In contrast to the stop order, which becomes a market order once the stop is reached, the stop-limit order becomes a limit order.
STOP-LIMIT ORDER - An order placed with a broker to buy or sell at a specified price or better after a given stop price has been reached or passed.
STOP-LOSS ORDER - An order placed with a broker to buy or sell when a certain price is reached; designed to limit an investor's loss on a security position.
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