Limit orders are a type of order that allows traders to specify a specific price for execution, ensuring that the trade is executed at the desired price or better. Here are some key points about limit orders:

- _Specific price_: Traders set a specific price for execution, known as the limit price.

- _Execution guarantee_: The trade is executed at the limit price or better.

- _No guarantee of execution_: However, there is no guarantee that the trade will be executed at all, as the market price may not reach the limit price.

- _Buy and sell limits_: Limit orders can be used for both buy and sell trades.

- _Day orders and GTC orders_: Limit orders can be designated as day orders (expiring at the end of the trading day) or GTC (good till canceled) orders, which remain active until executed or canceled.

- _Price control_: Limit orders allow traders to control the price at which they buy or sell, helping to manage risk and achieve trading objectives.

By using limit orders, traders can ensure that they enter or exit trades at a specific price, helping to manage risk and achieve their trading goals.