A limit order lets you choose the price and quantity at which you want to trade. Vantage fills it at your specified price or better, which gives you price control. The trade-off is that a limit order is not guaranteed to fill, because the market must reach your price.

What is a limit order?

A limit order is an order with a price you choose. Once you submit it, Vantage executes it at that price or better. In Perpetual Contract trading (contracts with no expiry date), you can use limit orders to open or close positions.

Compared with a market order, a limit order gives you more control over the execution price. Whether it fills depends on whether the market price reaches your limit price.

Example: XAUUSD is at 2,800 USD. If you want to buy only when the price drops to 1,500 USD, you can submit a buy limit order at 1,500 USD. The order fills only if the market reaches 1,500 USD or lower and enough liquidity is available.

Key features of limit orders

1. 1. Price control. You set the maximum price you will pay when buying, or the minimum price you will accept when selling. A buy limit typically fills at your price or lower. A sell limit typically fills at your price or higher.
2. 2. No guarantee of immediate execution. If the market does not reach your price, the order may stay unfilled or partly filled. Example: a buy limit at 5,950 USD may not fill if the market stays near 6,000 USD.
3. 3. Partial fills may occur. If not enough liquidity is available at your price, the order may fill partly. The unfilled portion stays on the order book until it fills or you cancel it.
4. 4. Best when price matters. Use a limit order when you prefer to trade at a specific price rather than at the current market price.
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Limit buy and limit sell

Limit buy. A limit buy sets a target purchase price. The order typically fills when the market reaches or falls below that level.

Example: XAUUSD is at 6,000 USD. You expect a pullback and place a buy limit order at 5,500 USD. If the market falls to 5,500 USD or below, the order may fill.

Limit sell. A limit sell sets a target selling price. The order typically fills when the market reaches or rises above that level.

Example: XAUUSD is at 6,000 USD. You want to sell after a rise and place a sell limit order at 6,800 USD. If the market rises to 6,800 USD or above, the order may fill.

Common uses of limit orders

5. 1. Opening a position at a set price. For example, if you think XAUUSD is a better long entry around 5,500 USD, place a buy limit order at that level to open a long position.
6. 2. Closing a position at a set price. If you hold a XAUUSD long position and want to take profit at 6,000 USD, place a sell limit order at 6,000 USD to close the long.
7. 3. Scaling in or out. Place several limit orders at different prices to build or reduce a position in steps, or to take profit in stages.
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Why has my limit order not filled?

A limit order may stay unfilled for these reasons:

8. 1. The market price has not reached your limit price.
9. 2. The market briefly touched your limit price, but not enough liquidity was available at that price.
10. 3. Your order is queued behind other orders at the same price level.
11. 4. The market touched the limit level and reversed before the order could fill.
12. 5. The order price is outside the platform’s allowed price range, so the order cannot be submitted.
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Limit orders compared with market orders

• - Limit order: you specify the price. It fills at that price or better, but execution is not guaranteed.
• - Market order: no price is needed. It fills at the best available price as quickly as possible, though the final price can move with market depth and volatility.
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If the exact execution price matters more, choose a limit order. If speed matters more, choose a market order. For details, see the Market Order Introduction.

What to note when using limit orders

• - A limit order does not guarantee execution. If the market does not reach your price, the order can stay unfilled for a long time.
• - In high volatility, the price may touch your limit level and still fill only partly or not at all.
• - If your limit price is far from the current market price, the wait for execution may be long.
• - Perpetual Contracts are leveraged. Price moves can reduce margin and lead to forced liquidation.
• - Set your order price, quantity, leverage and margin mode based on your own risk tolerance.