A limit order in trading is an instruction to buy or sell an asset at a specific price or better. It gives traders more control over the price at which they execute a trade compared to a market order.

Key features of a limit order:

1. Specified Price: The trader sets a price at which they are willing to buy or sell the asset. A buy limit order will only be executed at or below the specified price, while a sell limit order will be executed at or above the specified price.

2. No Immediate Execution Guarantee: Unlike a market order, a limit order may not be filled immediately. It will only execute if the market price reaches or improves upon the limit price. If the asset's price never reaches the set limit, the order will remain unfilled.

3. Used to Control Price: Limit orders are ideal for traders who prioritize price precision over the speed of execution. They allow traders to avoid slippage and set the exact conditions under which they are willing to trade.

4. Partial Fills: A limit order can be partially filled if there isn’t enough liquidity at the specified price. The remaining portion of the order may stay open until more matching buyers or sellers become available.

In summary, a limit order gives traders more control over the price but may not execute as quickly or at all if the market doesn’t reach the desired level.