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Once an order is placed, it may be difficult or impossible to cancel the order before the order is executed. In such circumstances, Qtrade and its member companies bear no responsibility to the customer for the discrepancy between the market price of the security at the time of order placement and the market price of the security at the time of trade execution. Why does canceling an open order on etrade take so long ... Why does canceling an open order on etrade take so long? Is this normal? I immediately canceled that open order to free up the cash, but apparently the cancellation needs to be reviewed or something first. I ended up missing the trading opportunity because it took 24 hours for them to cancel it.
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The main difference between the two orders is that a stop order would guarantee that your entire order would be fulfilled while a limit order guarantees that your order will be fulfilled at your preferred price. Did this answer your question?