A price limit order is an instruction to buy or sell a security only at a specified price or better—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. Unlike market orders, price limit orders guarantee price but not execution. If the market does not reach the specified price, the order remains unfilled. Price limit orders are a fundamental tool for disciplined investors who want to control the exact price at which they enter or exit a position, avoiding the risk of slippage in fast-moving or illiquid markets.
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