Limit Orders are designed for traders who want price certainty and are willing to wait for their orders to be filled only when Last Traded Price reaches the order price. For limit orders, the order price must be specified and set at a more favorable price than the last traded price.
Once the limit order is successfully submitted, it will be placed in the Order Book and pended for execution. Traders can always check all their active orders under the 'Position' Tab. Only when the last traded price hits the order price, the limit order is filled. The quantity filled may differ depending on the Time in Force option selected.
In addition, limit orders can be used as a variation of market order which provides the flexibility to limit the maximum deviation of execution price. It may also be used as a take profit order to partially close a position and secure profits.