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How to use limit orders as market orders?

A limit order can be placed as a market order by doing the following:

  • Placing a buy order with a limit price above the last traded price (LTP).
  • Placing a sell order with a limit price lower than the LTP.

Both scenarios will trigger the limit order to execute similarly to a market order as it instructs to fulfil the order at any price up to the limit specified. The advantage of using a limit order is that the specified limit price acts as a protection, preventing the order from being executed beyond that price.