Understanding order types

A market order executes immediately at the best available price. It guarantees a fill but not the price — useful for liquid stocks where speed matters more than precision.

A limit order lets you specify the maximum price you'll pay (buy) or the minimum price you'll accept (sell). Your order will only fill at your price or better, but it may not fill at all if the market never reaches it.

A stop order becomes a market order once the stock trades at your stop price. A stop-limit order becomes a limit order instead, giving you price control after the trigger — but risking no fill in a fast-moving market.