what is limit Order ?
A Limit Order on Binance is an order to buy or sell a cryptocurrency at a specific price or better. Here's how it works:
*Limit Order:*
1. *Set a Price*: You set a specific price at which you want to buy or sell a cryptocurrency.
2. *Order Execution*: The order is executed when the market price reaches your specified price or better.
*Types of Limit Orders:*
- *Buy Limit Order*: Buy a cryptocurrency at a specific price or lower.
- *Sell Limit Order*: Sell a cryptocurrency at a specific price or higher.
*Advantages:*
- *Price Control*: You have control over the price at which your order is executed.
- *Flexibility*: Limit orders can be used to buy or sell cryptocurrencies at specific price levels.
*Key Considerations:*
- *Order Not Guaranteed*: If the market price doesn't reach your specified price, the order may not be executed.
- *Partial Fills*: If there's not enough liquidity at your specified price, the order may be partially filled.
*When to Use:*
- *Specific Price Targets*: To buy or sell a cryptocurrency at a specific price.
- *Support and Resistance Levels*: To buy or sell at key support or resistance levels.
*Example:*
- You want to buy 1 BTC when the price drops to $20,000.
- You set a buy limit order at $20,000.
By using limit orders on Binance, you can refine your trading strategy and buy or sell cryptocurrencies at specific price levels.
