Pros and Cons of AON Orders

Pros

• You can get what you want : If executed, there is no chance of getting fewer shares than desired.


• One trade, one commission : If your order is executed, it will be in one trade on one day and you will only be charged once. (Without AON, your order could be executed over multiple trading days and you could be charged more than one commission. Also, without AON, if part of your order executes and you modify the order to a different price, there is an additional commission charged upon the next execution.)

Cons

• Less chance of getting an execution : Because you are setting a specific condition, your order becomes a lesser priority to the market. Other regular limit orders at your price will execute ahead of yours. Additionally, AON orders are not subject to the SEC's Display Rule , which means that once your order is released by Scottrade to the marketplace, it does not have to be displayed to the public, which can also reduce its chances of getting filled.

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http://research.scottrade.com/public/knowledg...563adcb04a

This applies to all brokers.