Market Order

A market order is an order by a trader to his broker (usually via instructions over the internet and not in person) to buy or sell a future, commodity, or stock "at market."

This means that the broker should execute the trade at the best price that is currently bid or offered in the market and it should be executed immediately.

Market orders allow traders to get into the market immediately and take a position without waiting for a more favorable price. The advantage is that the trader will almost always end up with a position and will not miss the move. The disadvantage is that sometimes the traders could have got a better price by using a limit order and waiting.