Limit order?

Why can’t I set a limit order AT the spot price?

I can only set a limit order to sell if the spot price rises first. And visa versa to buy

Limit and stop order are the the choice when usin [B]pending order[/B].
[U]Just set like this condition:[/U]

[B]pending order --------> long position ---------------- short position[/B]

limit order ----------------> below current price -------- above current price --------- [I]reversal [/I]
stop order ---------------> above current price -------- below current price --------- [I]continuous[/I]

we can learn further more bout this order on school of pipsology

Hope it will help u out :slight_smile:

A limit is an “at or better” order, meaning you will get a fill at your limit price or a better price (higher if a sell limit, lower if a buy limit). If you put one in at the current spot price it would be executed immediately.

Why would you want to put in a limit (or a stop) at the current spot price anyway?

For example if the market is closed and I expect the price to drop when it opens. If I place a limit order above the spot price then if the price plummets then the LO won’t be triggered

Your example sounds like you are looking for a break to the downside when the market opens. You could use a stop order instead of a limit order.

Buy stops and sell limits go above current price.
Sell stops and buy limits go below current price.

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If you think the market is going to run lower when it opens (as opposed to simply gapping lower), then you can put in a standing market order. It will get filled when trading starts.