If-Done Order

An if-done order, also known as a slave order, is a trading order which is made up of a primary order and a secondary “slave” order. After the primary order has been filled, the secondary order takes effect.

For example, an if-done order could be composed of a primary buy limit order for the purchase of securities and a secondary stop-loss order to protect the investment against loss.

If-done orders allow investors to combine buy orders and sell orders in a single order in order to protect their investments from losses and to more effectively take advantage of rate fluctuations.

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Daniel Dreier is editor and personal finance expert at moneyland.ch.

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