Limit Order
A limit order executes only at your specified price or better. Buy limits fill at your price or lower. Sell limits fill at your price or higher.
Understanding the Concept
Limit orders give you price control but no execution guarantee. If price never reaches your level, you don't get filled. They're essential for precise entries at support/resistance, avoiding slippage on large orders, and setting take-profit levels. Makers (who place limit orders) typically pay lower fees than takers (who use market orders). The downside is missing moves—you set a limit to buy at $40,000, Bitcoin drops to $40,050 and reverses. You saved $50 but missed the entire trade. Balance precision with practicality.
Real-World Example
You want to buy Ethereum at $2,800 support. You place a limit order at $2,800. Price is currently $2,900. If ETH drops to $2,800, your order fills. If not, you wait.
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