#OrderTypes101 Cons:

a. The limit order price are only subject to place order when it hits your set price otherwise it won't.

b. it may take more time to execute orders

c. sometime it may not execute for whole day if the market bends what you thought of.

Pros.

a. you can have more profit and less loss in limitorder

Also you can set limit on Take profit and Stop loss as well.

Thanks. Keep following for more informations.