Canceled Order

Canceled Order - Definition

A canceled order is an instruction to your brokerage firm to cancel a buy or sell order of a security. Canceled orders are routed in the same manner of market and limit orders. Cancellation orders are free, due to the fact no transaction actually takes place. If an order is placed at market, a trader will have to act promptly, since market orders can fill in seconds depending on the volatility of the security. Cancellation orders are more prevalent with limit orders, as traders have more time to assess their trading perspective prior to being filled. Verify that your broker provides a transaction number for your canceled order, in the off chance your initial order is later executed.

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