When do you buy at market price VS when do you set a limit?

You can find the definition of the terms (except MOC) in this Investopedia article:

Investopedia Order Definition Guide

I can only find MOC in this Reddit post:

Order type on Gemini: Quick questions

The first 3 terms are market, limit and stop orders:

1. Market Order - buy/sell at current market price.

2. Limit Order - buy/sell at or a better price than the specified limit price.

3. Stop Limit Order - buy/sell at a limit price when market price surpassed a specific a stop price.

• Market Order is used when you are satisfied to buy/sell with the market price and just want to invest/liquidate the shares.

• Limit Order is used when you prefer to buy/sell at your target/favourable price. Can be use to buy on dip and sell on bounce.

• Stop Limit Order is usually used for momentum trade, when you only want to buy/sell at your target price after the share moves beyond the stated stop price in the direction of your trades.

The last 3 terms are time in force orders:

4. Maker or Cancel Order (MOC) - buy/sell at market/limit price, stay on the order book until filled, and cancel any unfilled portion.

5. Immediate or Cancel Order (IOC) - buy/sell at market/limit price immediately and cancel any unfilled portion.

6. Fill or Kill Order (FOK) - buy/sell the whole position and cancel if not filled at all.

The difference between these 3 orders are:

• MOC and IOC allow partial filled of your order, whereas FOK doesn't.

• IOC must execute immediately, while MOC and FOK can stay on the order book until filled.

I'm assuming this is from Gemini's order types haha I wrote about them here!

To answer when to use what:

• Market: When filling you just need to fill the order as quickly as possible, maybe when the price is falling really quickly or rising really quickly

• Limit: When the buy/sell price is the most important and you're only willing to transact at that price.

• Stop-Limit: When you only want to place the limit order after the price has crossed a threshold. For example, selling BTC only if the price falls under 35k as a stop loss. Or buying BTC after the price passes 40k as a confirmation of upward trend (NOT ADVICE TO BUY OR SELL BTW LOL)

The next 3 are a bit more complex and personally I don't use them, but here are my guesses for why they exist:

• Maker or Cancel (MOC): Tbh, I'm not too sure what this is for haha but I would guess to test the liquidity in the market without the risk of your order actually being filled.

• Immediate or Cancel (IOC): To ensure that the order fills only at the specific price and not a range of prices, hence, cancelling the parts that don't fill

• Fill or Kill (FOK): Usually to ensure that the order is cleared in a timely manner, especially if its a big order.