Is there a wait time for a stock to be bought before it can be sold? What are the usual order types you guys use on interactive brokers and why?

For IB there is currently no waiting time, I did try buying the stocks and sell it 10 minute after because the prices went up. I was trying out penny stocks trading and the stock was very volatile. Hence, I bought low and sell once there is a profit. This is to prevent the greediness to occur for such stock.

Usual order type that I use depends on the stock. IB does offer the option to buy shares depending on how much money you have. Eg. 1 share cost $0.47 and you wanted to buy 200 shares, costing you $94. However, you only have $90, hence you can use that option to purchase at a lesser quantity.

For lower cost shares, I will buy and sell once it goes beyond a limit of profit that I set. Typically within a week.

For higher cost shares, I will buy and hold till it starts to grow.

Hope this helps!