what is a not held order 
a not held order gives a broker the time and price discretion to seek the best price available the broker is not held responsible for any potential losses or missed opportunities that result from their best efforts a held order in contrast requires immediate execution the not held order is usually a market or limit order 1understanding the not held orderan investor placing a not held order is trusting that the broker can obtain a better market price than the investor can get by accessing the market directly the broker has price and time discretion but may not be held responsible for any losses due to a missed opportunity this order is also known as a discretionary or with discretion order the broker is not held liable for failing to execute a trade above or below an attached limit price for example a broker may have received a with discretion order to buy 1 000 shares of abc with an upper limit of 16 the broker might think the market is about to fall and will not buy the stock when it is trading below 16 instead the market rallies and the broker can t execute the order below 16 since it was a not held order the investor has no recourse or grounds to complain not held orders are most common when trading international equities the orders that most investors place most of the time are held orders that is they require immediate execution at the current market price 