A limit order is an order placed with a broker or exchange that allows you to execute a buy or sell transaction at a set number of shares and at a specified limit or instrument price. It is an order placed with a broker or exchange to buy or sell a set amount of a financial instrument at a specified price or better. Keep in mind that limit orders are not market orders, it may not be executed if the price set by the trader cannot be met during the period in which the orders are left open. Limit orders also allow an investor to limit the length of time an order can be outstanding before being canceled.
How to use it: This is the default order type on Pilot. Select ‘Limit’ from the order types and enter your price limit then execute your trade.