Commodity trading - If, for instance, you had ordered the purchase of "100 shares of Goodrich at 85 immediate," it would mean that the floor broker should execute the order promptly at that price or better if possible, but if not, should consider it canceled and report back the current price.

Upon learning that the current market was around 88, you could then decide whether to enter another limit order at, say 86, or 87 which, given the trend, might have a better chance of being filled. A limit can be applied to a sell order, as well. If you decided you would not sell Goodrich below 90, the price in this case would have to rise two points before your order took effect. On the other hand, if you had specified 86 as your price, the broker finding the market at 88 would sell immediately, and improve your net by $2 per share. Occasionally, you will place a limit order, see on the tape that several transactions were completed at your price, but later learn that yours was not one of them. "Sorry," says your representative.

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