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Market basics
Market, limit and stop orders: know what each controls.
Understand the difference between an execution instruction, a price limit and a trigger before reading an order ticket.
A market order prioritises execution
A market order asks to buy or sell at the available market price. The price shown when you decide to place it is not a guaranteed execution price. Prices and available liquidity can change before the order reaches the market, and different portions of an order can execute at different prices.
This distinction matters when reading a quote: a displayed last trade is a record of a transaction, not a promise that your next transaction will receive that price.
A limit order sets a price boundary
A buy limit sets the highest price you will accept. A sell limit sets the lowest. Execution must be at that price or better, but the order may not execute.
Illustrative example only: a buy limit of 25 means a fill must be at 25 or less. It does not mean a purchase has happened when you submit the order. Check the order status and actual fills rather than assuming that submitting an instruction created a position.
A stop price is a trigger
A standard stop order becomes a market order when its trigger condition is met. The stop price is therefore not a guaranteed exit price. In a fast move, the eventual execution can differ substantially from the trigger.
A stop-limit order instead becomes a limit order after triggering. It retains a price boundary, but it may remain unfilled if the market moves beyond that boundary. These mechanisms address different concerns; neither guarantees a particular loss limit.
Read your broker’s actual instructions
Order names, trigger rules and availability can differ across firms and venues. Check which price triggers the order, which trading sessions it covers and how long it stays active. The SEC’s investor guidance recommends checking the specific policies with your brokerage.
This explainer describes common stock-order concepts. Do not assume that a forex, derivatives or crypto platform uses identical rules. Its contract and execution policy matter.