What it is:
In the finance world, a canceled order is an order that is deleted before it is executed.
How it works/Example:
Why it matters:
In the real world, canceling orders is almost impossible because trades now execute in fractions of a second -- leaving virtually no time to make that shares rather than 1,000 shares, the system might cancel the order, assuming it is a typo.
Fill or orders are most often used when a person wants to trade a large quantity of stock at a particular price or at a particular time and does not want to trigger the significant price change that often occurs when placing traditional or limit orders for a large number of shares.