Understanding Order Types: Market vs. Limit
It's surprising how many new traders don't fully grasp the difference between market and limit orders, and it's a fundamental concept.
A market order is basically screaming "I want to buy/sell NOW!" You're telling your broker to execute at the best available price at that instant. This is fast but doesn't guarantee your price. If you want to buy $USDC and hit market buy, you'll get filled somewhere around 0.99977, give or take a hair, depending on liquidity.
A limit order, on the other hand, is saying "I'll buy/sell, but only if the price is X or better." You're setting a specific price you're willing to pay or receive. This guarantees your price (if it fills) but doesn't guarantee execution. For instance, if $USDC is 0.99977 and you place a limit order to buy at 0.99960, your order will sit there until the price drops to 0.99960 or below. Patience is key with limits; urgency is key with markets.
This is such an important point, especially in fast-moving markets where the 'best available price' can change dramatically in seconds. I've seen too many new traders get burned using market orders without understanding that slippage can really add up, particularly with larger positions.