Best Rate Order: When the buyer or seller gives the freedom to the broker to execute the order at the best possible rate quoted on that particular date for buying the that order is called Best Rate Order. It may be lowest rate for buying and the highest rate for selling.
Discretionary Order: When the investor gives the range of price for purchase and sell and the broker is premised to use his discretion to buy within the specified limit, then such order is called Discretionary Order.
Stop Loss Order: The orders are given to limit the loss due to unfavorable price movement in the market. A particular limit is given for waiting. If the price falls below the limit, the broker is authorized to sell the shares to prevent future losses.
Limit Orders: Orders which are limited by fixed price, are called Limit Orders.