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Market Order
Market orders are the simplest and most common type of futures order. You will want to use a market order when you want to get filled quickly, where the market is currently trading – more or less.
Market orders have priority over all other orders, which means they will be filled before limit orders, stop orders and others. A market order does not specify a price. If you are trying to buy a futures contract, you will normally get filled at the ask price. If you are trying to sell a futures contract with a market order, you will normally get filled at the bid price.
Limit Order
A limit order is meant to buy a particular futures contract at a certain price or better. You will use this type of futures order when you want to get a better price than where the market is currently trading.
A limit order to buy is placed below the current market price. A limit order to sell is placed above the current market price. To learn more about order types click here
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