All lessons
Spot orders and execution
An order that controls price may not fill. An order that prioritizes speed may fill at a different price.
Choose an order by the trade-off between price control and completion.
A market order prioritizes execution against available liquidity. It does not guarantee the displayed price. A limit order sets a worst acceptable price: a buy limit can fill at that price or lower, but may remain unfilled.
Stop orders become active when a specified trigger is reached under venue rules. Stop-market orders can slip; stop-limit orders can fail to execute after triggering. Last-price, mark-price and other trigger settings are not interchangeable, and some venues do not support every order type.
Partial fills matter. The filled quantity may be smaller than requested, leaving exposure and a remaining order. Maker and taker treatment depends on actual execution, not simply the label 'limit'. Read cancellation, time-in-force and fee rules before simulating an order.
Let’s use numbers · hypothetical example
Hypothetical: a buy limit for 5 tokens at 10 meets only 2 sellers at that price. Two may fill while three wait. Raising the limit changes the price constraint; it does not erase costs.
Keep in mind
A stop is not a guaranteed loss cap, especially through gaps or outages.
Your turn
Simulate market, limit and stop-limit orders on a fictional order book. Record one possible non-fill.
A quick check before we move on
Can a triggered stop-limit remain unfilled?
- No
- Only when it is profitable
- Yes
Check answer
Yes The market may move past its limit before compatible orders exist.
Sources and further reading
Content reviewed: 29 October 2026
Educational material with hypothetical examples. Trading can cause substantial losses. A course, pattern, stop order or past result cannot guarantee a profit or limit every loss. Practise in simulation and check current rules and product terms in your jurisdiction.