Under Reg BI, a retail customer is a natural person or their non-professional legal representative who receives a securities recommendation primarily for personal, family, or household purposes. Professional legal representatives and fiduciaries managing investments for others do not qualify as retail customers.

A buy stop order is placed above the current market price. If the stop price is reached, the order is triggered and becomes a market order, allowing the trader to buy back shares to close the short position. This order helps manage risk by ensuring the position is covered if necessary.

A market order ensures that the order is executed at the next available price, meaning the stock will be sold as quickly as possible at the best price available in the market. Unlike limit or stop orders, it does not impose any restrictions on execution price.

A buy stop-limit order is placed above the current market price. When the stock reaches the stop price, the order is triggered as a limit order, meaning the purchase will only occur at the specified limit price or lower. This helps control the execution price but also introduces the risk that the order may not be filled if the price moves too quickly past the limit price.

A sell limit order is placed above the current market price. It ensures that the stock is sold only at the specified limit price or higher. This allows the trader to control the selling price but introduces the risk that the order may not be executed if the stock does not reach the limit price.

A buy stop order is placed above the current market price. Once the stock reaches the stop price, the order is triggered as a market order, executing at the next available price. This type of order is often used to enter a position when a trader expects continued momentum after a breakout.

A buy limit order is placed below the current market price. It ensures that the trader buys the stock only at the specified limit price or lower. This allows the trader to control the purchase price but introduces the risk that the order may not be executed if the stock does not reach the limit price.

A sell stop-limit order is placed below the current market price. When the stock reaches the stop price, the order becomes a limit order rather than a market order. This means the shares will only be sold at the specified limit price or better, helping the trader control execution price but also introducing the risk that the order may not be filled if the price moves too quickly.

A sell stop order is placed below the current market price and is triggered if the stock falls to the stop price. This helps protect a long position by automatically selling the stock if the market moves against the trader, limiting potential losses.

A market order ensures execution at the next available price, meaning the order will be filled as soon as possible, regardless of price fluctuations. Unlike limit or stop orders, it does not impose any restrictions on execution price.