What is a Limit order?

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Short definition: a limit order is a request placed on exchange to execute a buy or sell transaction with a specified limit price or better. What is and how does the limit order work — a brief guide. Let's assume that the price for ETC on market is ~151$ per coin. You see it, and place a request — «Cryptotrader-bot, look for deviation by 5 from the market price and fetch me ETH at 146$, sell it at 156$ or better». Then, trader bot starts to scan market for mentioned deviation by 5 from the current market price. He patiently waits for changes in global price to initiate a crypto exchange from a trading platform with exact or better price. It will be done in instant, after bot notices sufficient deviation. There is also a third variable — time. When creating a task, you can specify time borders for the algorithm to work. For example, you want to limit trade order to work from 1-12am to 3-34am, because you assume it is the best time for currency to grow. There is only one condition for a limit order to work — the market price of a coin should be equal or better than the specified number you set. For example, if ETC in our scenario would fluctuate only from 145 to 155, then the order would not be executed. This is a strict rule.