A next order is a contingent order placed by an investor with a securities broker. Next orders are also referred to as if-done orders.
A next order is made up of a series of at least two separate orders. These may be market orders, limit orders, stop orders or any other type of order offered by a broker. If and when the first order is filled, the subsequent order is placed.
This type of order can be used to set up a full-circle trade ahead of placing the order. The number and combinations of orders which can be included in a next order are limited only by the options provided by individual brokers.
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