> For the complete documentation index, see [llms.txt](https://zerotick-trade.gitbook.io/documentation.v1.2/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://zerotick-trade.gitbook.io/documentation.v1.2/trading/market-and-limit-orders.md). # Market & Limit Orders Every trade on ZeroTick is either a market order or a limit order. This page explains what each one does, when to reach for it, and how take profit, stop loss, and slippage shape the way your order fills. For the click by click steps, see [Placing a trade](https://zerotick-trade.gitbook.io/documentation.v1.1/user-guides/placing-a-trade). ### How the two order types compare You pick the order type from the dropdown next to the **Buy** and **Sell** pills in the trade panel, then choose **Market** or **Limit**. | | Market order | Limit order | | ----------------- | ----------------------------------- | ------------------------------------------------ | | When it fills | Right away, at the current price | Later, when the market reaches your target price | | What you set | An amount | A target price and an amount | | Price control | None: you accept the current price | You name the price it fills at | | Reach for it when | You want in or out now | You have a specific entry or exit in mind | | Main trade-off | Exposed to slippage in fast markets | May never fill if the price does not get there | ### Market orders A market order executes immediately at the current market price. It is the fastest way into or out of a position: you set an amount and the trade fills against the live market right away. Choose **Market** from the order type dropdown, enter your amount, then press the trade button. On a buy you enter an amount in your display currency; on a sell you enter a token quantity. Before you confirm, a summary shows **You receive** (the estimated amount), the **Exchange rate**, **Min. received** (the least you accept after slippage), and **Estimated fees**, which you can expand for the full breakdown. Fees are shown before you confirm; see [Fees & Pricing](https://zerotick-trade.gitbook.io/documentation.v1.1/fees-and-pricing). {% hint style="warning" %} A market order takes the price available at the moment it fills, which can differ from the price you saw when you pressed the button. That gap is slippage, and in fast or thin markets it can be significant. Your slippage tolerance caps how far the price may move before the trade is cancelled. {% endhint %}
Does the order summary show a price impact estimate? No. The trade summary shows what **You receive**, the **Exchange rate**, **Min. received**, and **Estimated fees**. There is no separate price impact row. **Min. received** is your protection: it is the smallest amount the trade will settle for once slippage is applied.
### Limit orders A limit order lets you name the price you want. You set a target price and an amount, and the order rests until the market reaches your price, then executes automatically. ZeroTick tokens trade on a bonding curve or a DEX pool, not a central order book, so your limit order is held and monitored for you rather than posted to a shared book. It stays open until the market reaches your target, and you can cancel it any time before it fills. {% hint style="info" %} Choosing **Limit** adds a **Price** field above the amount box. The helper beneath it reads "Price per \[token] in \[asset]", so you quote the price per token in the asset you pay with. {% endhint %}
Where do my open limit orders live, and how do I cancel one? Open the **Positions & orders** tab beneath the chart. Each resting order sits under **Open orders** with its limit price. Press **Cancel** to withdraw it any time before it fills. Filled and cancelled orders move to **Order history**. The full walkthrough is in [Placing a trade](https://zerotick-trade.gitbook.io/documentation.v1.1/user-guides/placing-a-trade).
### Take profit and stop loss Take profit (TP) and stop loss (SL) close part or all of a position automatically once the price moves a set distance from your entry: TP locks in gains, SL limits losses. You attach them before you trade, from the **Advanced trading strategy** section above the trade button. Each level has two fields, not a fixed price: * **% change from entry** sets how far the price must move from your entry before the level triggers. * **% position to sell** sets how much of the position closes when it does. For example, a take profit of 10 with 50 sells half your position once the price is 10% above your entry. You can stack levels with **Add TP**, **Add SL**, or **Add TP/SL**, and each level appears as a line you can drag on the chart. {% hint style="info" %} There is no risk or reward ratio to fill in. You describe each exit by how far the price moves and how much of the position to sell, and the platform monitors the levels and closes those portions for you. {% endhint %}
Can I adjust the levels after placing the order? For a resting limit order, yes: the attached TP and SL lines stay on the chart, and you can drag them to new prices until the order fills. Levels are set per trade, so opening another token's trade page clears the form. Set TP and SL again for each new trade.
### Slippage Slippage is the difference between the price you expect and the price your order actually fills at. In volatile or illiquid markets it can be large. Your tolerance comes from your active execution preset, and the **Min. received** row in the trade summary shows the least you will accept after it is applied. If the price moves past your tolerance, the trade does not go through and you are not charged for it, though network fees may still apply. Lower tolerance protects you from bad fills but can cause trades to fail in fast markets; higher tolerance makes fills more likely but accepts a wider price range. ### Execution presets Every order carries the settings of your active execution preset: priority fee, tip, slippage tolerance, and MEV protection, saved separately for buys and sells. Three presets, **P1**, **P2**, and **P3**, hold your own combinations, and a **Fast** preset trades wide slippage and no MEV protection for speed on volatile launches. Switch presets before you trade to match the market. {% hint style="warning" %} The **Fast** preset accepts a high slippage tolerance and turns MEV protection off. It helps orders land on fast launches, but you can lose value to a worse fill or to MEV such as sandwich attacks. Switch back to **P1**, **P2**, or **P3** when you no longer need it. {% endhint %} See [Execution presets](https://zerotick-trade.gitbook.io/documentation.v1.1/user-guides/execution-presets) for how to configure each one. Trading moves real funds on public chains, and an executed order cannot be reversed. Read the [Risk & Legal Disclaimer](https://zerotick-trade.gitbook.io/documentation.v1.1/risk-and-legal-disclaimer) before you trade. ### Related pages
Placing a tradeThe full step by step for market orders, limit orders, and attaching take profit and stop loss.https://zerotick-trade.gitbook.io/documentation.v1.1/user-guides/placing-a-trade
Execution presetsP1, P2, P3, and Fast: the priority, tip, slippage, and MEV settings behind every trade.https://zerotick-trade.gitbook.io/documentation.v1.1/user-guides/execution-presets
Cross-chain tradingBuy a token on one chain while paying with an asset from another.https://zerotick-trade.gitbook.io/documentation.v1.1/trading/cross-chain-trading
Fees & PricingHow trading fees are calculated and shown before you confirm.https://zerotick-trade.gitbook.io/documentation.v1.1/fees-and-pricing