When you place a market order, you are instructing the broker to buy at the prevailing offer price or to sell at the prevailing bid price at the time the order is executed on the Australian Stock Exchange.
In most cases, market orders will be executed quickly. So, while there may be a small variation in price between the time you place your order and when it is executed, a market order is usually advisable when you want the transaction to definitely take place.
When you place an order, you must indicate whether it is a limit order or a market order.
Limit orders allow you to set a maximum purchase price for your buy orders, or a minimum sale price for your sell orders. If the market doesn’t reach your limit price, your order will not be executed.