Quick Take: Understanding 'Limit' Orders

Hey everyone, wanted to quickly touch on limit orders for those still finding their feet with execution. A limit order isn't just a fancy market order; it's you telling your broker, "I want to buy/sell, but only at this specific price or better."

So, if $CADCHF is at 0.58409, and you place a buy limit order at 0.58370, your order will only execute if the price drops to 0.58370 or lower. It won't fill if it just touches 0.58371 and bounces. Conversely, for a sell limit order, it's about getting your price or higher. The key takeaway? Limit orders give you control over your entry/exit price, but there's no guarantee of execution. Market orders, on the other hand, guarantee execution but not the price. Something to keep in mind when planning your trades.