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# 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.
| Quick Buy | Limit Order |
| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
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
|
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