Best Way to Explain What Is a Limit Order in Stocks?

A limit order authorizes traders to set predefined prices at which to sell or buy an asset or stock. For instance, world wild, a trader looking to buy Bitcoin at a specific price below the current market price will set a buy limit order such that the trade automatically executes as soon as BTC reaches the predefined price limit (or lower). The same principle also grants traders to sell an asset at a value above the current market price. In this case, the trader initiates a sell limit order.