A Limit Order is an order to buy or sell a stock or a contract at a specific price. Using Limit Order you can buy or sell the order at an exact price of your will. But, there are chances that the stock or contract doesn’t reach your desired price and, hence, the order may not get executed. While placing a Buy Limit Order, the price you enter should be below the market price and while placing a Sell Limit Order, the price you enter should be more than the market price.
A Market Order is an order to buy or sell a stock or contract at market price. As the order gets executed at market price, you do not have to specify the exact price while placing the order. Unlike Limit Order, the Market Order will get executed at all times since you do not have to wait for stock or contract to reach a desired price.