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Limit Order
A limit order instructs a trading platform to buy or sell at a specified price or better. Unlike a market order, it gives the trader control over the worst price they are willing to accept under the order's terms.
Why it matters to you
Limit orders provide greater price control but do not guarantee execution. The market may never reach the limit price, or there may not be enough available liquidity for the entire order to fill. That creates an important trade off: Market order: greater execution certainty, less price certainty. Limit order: greater price control, less execution certainty.
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