While the execution of a limit order is not guaranteed, it does ensure that the investor does not miss the opportunity to buy or sell at the target price point if it is dealt in the market. Depending on the direction of the position, a limit order is sometimes referred to as a buy limit order or a sell limit order.
For example, a buy limit order that stipulates the buyer is not willing to pay more than $30 per share, while a sell limit order may require the share price to be at least $30 for the sale to take place.
Buying or Selling at Market Price. This will fill up automatically according to the average price of the order book.
A stop-limit order is a conditional trade over a set time frame that combines the features of stop with those of a limit order and is used to mitigate risk. The stop-limit order will be executed at a specified price, or better, after a given stop price has been reached.
Once the stop price is reached, the stop-limit order becomes a limit order to buy or sell at the limit price or better.
*Stop limit order is currently unavailable for Futures Trading
Passive order entered into the order book of a trading venue and provides liquidity, always a Maker, price set must be reached before they go ahead with buying or selling.