Limit orders are orders that you can set your own buy/sell prices and will be executed when the market price reaches the price you set.
Limit orders set the maximum or minimum at which you are willing to buy or sell your coins. After a price is set, an order will be executed toward a direction that is favorable to users. It’s generally believed that limit orders are opposite to stop-loss orders.
For example, the market price of BTC is now 14,000. If you want to buy cheaper at 13,900, then you set your price right at 13,900. When the price goes down to no more than 13,900, the order will be executed automatically. On the contrary, if the market price is 14,000 and you set your price at 14,100 to place a buy order, the system will execute your order at 14,000 immediately based on the “buy low” rule rather than at 14,100 you set. Because 14,000 is cheaper than 14,000 and is more favorable to buyers.