An order type which gives greater control over your entry or exit price. A Limit Order is an instruction to execute at the limit price, or a price better than the limit price. For example, if you entered a limit order to buy FB at $120, your order will only execute if the price of FB goes $120 or below ($119, $118, etc.). When entering a Limit Order, the price you set will be below the current market price (if it's a buy) or above the market price (if it's a sell). Of course, the market has to be open for the order to execute.