Each order type favors speed, price, or a market condition. A market order emphasizes buying or selling the stock as quickly as possible, but may get a less-favorable price. A limit order will ensure that if your order is executed, you will get a specified price (your limit price), but it’s possible the order might not execute. A market-on-close order might wait until the stock market is going to close for the day, but the execution price isn’t specified.