A Limit Order is the order in which the buying price or selling price for a certain quantity of particular security is specified.
Market order
Market Order is an order to buy or sell a certain quantity of particular security at the best price or prices prevailing in the market at that point of time. Categories of Market Order
Full Fill or Kill (FOK):
A FOK order is the order that will match for a trade at the Market Price only if the total quantity is available.
Partial Fill Rest Kill (PFRK):
A PFRK order is the order that will match for a trade at the Market Price for the quantity available in the market. The balance quantity, if any, will be deleted from the system.
Partial Fill Rest Convert (PFRC):
A PFRC order is the order that will match for a trade at the market price for the quantity available in the market. The balance quantity, if any, will be converted to a Limit Order at the last traded price.