Which type of order is NOT considered discretionary?

A market order is classified as a non-discretionary type of order because it executes a trade at the best available price in the market at the moment it is placed. This type of order does not allow for any price limit set by the investor, meaning the execution is immediate and based solely on current market conditions. This provides certainty of execution but does not guarantee the price at which the trade will be executed.

In contrast, limit orders allow investors to set a specific price at which they are willing to buy or sell, thereby introducing a discretionary element in terms of price. Conditional orders come with specific criteria that must be met before they can be executed, which also involves a level of discretion. Discretionary orders, by their name, imply that the broker has the authority to decide when, at what price, and whether to execute the order based on market conditions, further supporting their classification as discretionary.

Ultimately, the nature of a market order as an unconditional and immediate trade execution differentiates it clearly from orders that involve the investor's discretion regarding price, conditions, or timing.