Order Types
There are two main types of orders: Market Orders and Limit Orders.
Market Order
When you place a market order, you buy the cheapest order someone is willing to sell at. Market orders are guaranteed to fill if a seller exists, but you pay the spread (the gap between buyer and seller prices).
Example: A market order of $5 at 12¢ buys as many shares as $5 can cover.
Limit Order
With a limit order, you set the price, number of shares, and expiration date.
Example: The lowest sell price in this market is 12¢, but you only want to pay 11¢. You place a limit order at 11¢.
After placing it, your order sits in the order book until a seller matches it. Limit orders are not guaranteed to fill.
When to Use Each Order Type
Here are some events where each order type makes sense.
Immediate entry, short-term events, willing to pay the spread Examples: Reacting to breaking news when you need an instant fill
Buying a sports contract just before a game starts Trading a debate-night contract during live coverage
Longer-term events, specific price targets, patience to wait for a fill Examples: Accumulating contracts in a long-term election market at your target price Setting 40¢ for an inflation contract weeks before release Setting an order to sell at 75¢ to lock in profit if the market moves your way