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An order to buy or sell a security at a specified price or better, giving the investor control over execution price but no guarantee of execution.
A buy limit order executes only at the limit price or lower, while a sell limit order executes only at the limit price or higher. If a stock is trading at $50 and you place a buy limit order at $48, your order will only fill if the price drops to $48 or below. Limit orders protect against unfavorable fills, especially in volatile or illiquid markets. The downside is that the order may never execute if the stock never reaches your price. Limit orders are generally preferred over market orders for most individual investors because they eliminate the risk of unexpected execution prices.