Market, limit and stop orders: practical differences
An order type changes how a trade may execute. Check the rules for your broker and market before using an unfamiliar order.
Market order
A market order prioritizes execution at available prices. The displayed quote is not a guaranteed fill price, and a large order may execute at several prices.
Limit order
A buy limit sets the highest acceptable price; a sell limit sets the lowest. A favourable price limit does not guarantee execution. The market may touch a price while your order remains unfilled or only partly filled.
Stop order
A stop triggers when its specified condition is met and generally becomes a market order. The stop level is a trigger, not a promised execution price. A gap can produce a materially different fill.
Stop-limit order
A stop-limit combines a trigger with a limit. It controls acceptable prices after triggering but can remain unfilled as the market moves away. That can leave the position open when you intended to exit.
Before sending any order
- Check trigger rules, supported sessions and order expiry.
- Review the size, direction and total exposure.
- Understand what happens with partial fills and volatile prices.
- Recheck the broker's confirmation screen.
Scalper Desk provides research and planning tools only. It does not connect to a broker or submit orders. Its reference quotes may be delayed and are unsuitable as guaranteed execution prices.