order types in IBKR

[Riches1]

If your goal is to invest long-term and add money to your IBKR portfolio each month: What is the best order type for these monthly purchases?

I see the following:

• Limit
• MidPrice
• Market
• Stop
• Stop Limit
• Trail
• Trail Limit
• Market on Close
• Limit on Close

I've also received a mail from IBKR, saying this:

Consider placing split spread orders, which are orders that are priced within the spread between the bid price and ask price. These orders yield significant price improvement when they fill, and may earn you exchange rebates for adding liquidity.

What's the optimal way of doing this?

Thanks.

 

[Baptiste Wicht]

If your goal is to invest long-term in ETFs with large volumes, don't complicate your life and simply use market orders, you will be fine

Market Orders Are Fine In 2024 - The Poor Swiss

Many people are afraid of using market orders and only use limit orders. But in practice, market orders are perfectly fine in most cases.

thepoorswiss.com