For a typical long-term investor buying shares on InvestNaija, these are the options I recommend:
1. Market vs. Limit
✅ Market (Buy at official market price)
Your order is executed at the best available market price.
Best if you simply want to buy the shares as soon as possible.
This is what most beginners use.
Limit (Buy at my set price)
You specify the maximum price you’re willing to pay.
Your order will only execute if the share price falls to that price.
If the market never reaches your price, your order remains unfilled.
Which should you choose?
Choose Market if you’re comfortable buying at the current market price.
Choose Limit only if you have a specific price target and are willing to wait.
2. Good for the Day vs. Good Till Cancelled
Good for the Day (Day Order)
Your order is valid only for that trading day.
If it isn’t executed before the market closes, it expires automatically.
Good Till Cancelled (GTC)
Your order stays active until it is executed or you manually cancel it (subject to the broker’s maximum validity period).
Which should you choose?
If you’re using Market, choose Good for the Day. Market orders are usually executed quickly during market hours, so there’s little reason to leave them open.
If you’re using Limit, choose Good Till Cancelled if you’re happy to wait until the stock reaches your target price.
For most first-time investors
The simplest combination is:
✅ Market
✅ Good for the Day
That combination buys the shares at the current market price as soon as possible.