Limit Order

A trade order with a specified execution price, e.g., “Buy 100 shares of Microsoft at 147.75.” Your broker cannot pay more than 147.75 for your shares.

A standard limit order is good for the remainder of the day it is entered unless you give specific instructions to cancel the order. At the end of the day, your broker will cancel the order automatically, and you will have to place it again the next day if necessary.