2+2 Stock Trading Competition

[tek]

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They were responsible for monitoring each position and if it hit their exit price they placed a market order. What are the pros and cons of each? Is one generally preferred over the other?

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Good question. On the first, the pro is "you don't show the market your hand" and the con is "you have to be glued to the screen during open market hours"
On the second, the pro is "you can place your stop order and turn your monitor off and do something else", the con is "you show the market your hand, but this is not significant unless you are trading size"

Market orders get priority execution over stop orders (or limit orders) so fills should be slightly better.

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You don't have to be glued to the screen: QuoTrek