How Stock is Traded
  1. Order is placed in an office
    over the phone or by computer.
  2. Customer specifies purchase be
    made at     "Market Price" or as
    a     "Limit Order." (Limits price
    customer will pay.)
  3. Broker fills out order form.
  4. Order entered into computer.
  5. Trader goes to the "Trading
    Post."
  6. "Specialist"brings buyer and
    seller together for sale.
  7. Specialist posts sale on the
    Ticker Tape    .