# Limit

**Limit** orders are a type of order that allows you to <mark style="color:blue;">**specify a fixed price at which you want to open a Long or Short position**</mark>. This is an alternative to [market](https://docs.unlimited.trade/start-trading/or-unlimited-leverage-guide/creating-a-trade/market "mention")orders.&#x20;

<figure><img src="https://1947651740-files.gitbook.io/~/files/v0/b/gitbook-x-prod.appspot.com/o/spaces%2F1uLfyekHy32aCR2mnQIB%2Fuploads%2FGlW7jgF8MYygXEHd3Re9%2FLimit.png?alt=media&#x26;token=25d182fe-1dc1-44b6-aef6-1c9c066116b4" alt=""><figcaption></figcaption></figure>

**Limit orders give you more precise control over the price points of your trades, but they may take longer to complete than market orders because they wait for a specific price to become available.**

{% hint style="info" %} <mark style="color:blue;">**Glossary for the image above:**</mark> :arrow\_heading\_down:

**Limit Order** **-** This is the price level at which your order will be executed if the asset you are trading reaches it.

**Order Expiry -** You can set an expiration date for your order using the "Order Expiry" tab. This will automatically cancel the order if it hasn't been filled by the specified date.
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When using **Limit Orders**, users are encouraged to keep an eye on the "**Orders**" tab (see [orders](https://docs.unlimited.trade/start-trading/or-unlimited-leverage-guide/orders "mention")) if there are pending orders they no longer wish to proceed with due to changing market conditions. \
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**You can cancel an order that hasn't been filled at any moment.**
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