TradingBeginner
Limit order
An order that buys only at or below a chosen price, or sells only at or above it.
PLAIN-ENGLISH DEFINITION
In more detail
A limit order sets the worst permitted execution price, but cannot force someone else to trade at that price. It may wait in the book, fill partially or never fill. A limit that already crosses available prices can execute immediately; limit does not automatically mean delayed.
IN THE WILD
How you might use it
"My buy limit is 100. It can fill lower, but it can't pay 101 under those limit rules."
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