Limit Order

A limit order lets you set the exact price at which you want to buy or sell. Unlike market orders (which execute immediately at the current price), limit orders only execute at your specified price or better.

• Buy Limit — Set below current price. "I'll buy if it drops to $X."
• Sell Limit — Set above current price. "I'll sell if it rises to $X."
• Not guaranteed to fill — If the stock never reaches your limit price, the order won't execute.
• Best for illiquid stocks — Market orders on low-volume stocks can get terrible fills.
• GTC vs Day — Good-Til-Cancelled stays open until filled or cancelled; Day orders expire at close.