> ## Documentation Index
> Fetch the complete documentation index at: https://docs.dawn.trade/llms.txt
> Use this file to discover all available pages before exploring further.

# Limit Orders

> Buy or sell automatically when a coin reaches the market cap you name.

A limit order waits for a market cap and then fires as a market trade.

Open a coin and tap 📋 **Limit Order**. The panel's buttons become the order you are building.

## Place a limit buy

<Steps>
  <Step title="Set the market cap">
    Tap **Mcap** and send a level. The prompt shows the coin's cap right now so you have something to aim from.

    Shorthand works: `110k`, `2.5m`, `\$2m`.

    | Where you put it          | What you get                                         |
    | ------------------------- | ---------------------------------------------------- |
    | **Below** the current cap | A dip buy — it fires if the coin falls to your level |
    | **Above** the current cap | A breakout buy — it fires if the coin rises to it    |
  </Step>

  <Step title="Set the spend">
    Tap a dollar button, or type an amount like `12.50`. Minimum **\$1**.

    This is what the order spends **when it fires**, not now. Nothing leaves your balance until then.
  </Step>

  <Step title="Set the expiry">
    **24 hours** by default. Choose 1h, 24h, 3d, 7d or `never`, or type something like `36h`.
  </Step>

  <Step title="Create it">
    **✅ Create Limit Order** appears once the level and the amount are both set. The coin's panel then carries a badge showing how many orders are waiting on it.
  </Step>
</Steps>

## Place a limit sell

The same flow from the **Selling** side of the panel. The one difference is the size: you choose a **percentage of what you hold**, not a dollar amount.

A limit sell is the manual version of a take-profit. If you want several exits, or you want them attached to the position rather than to a target you chose today, use [TP/SL](/orders/tp-sl) instead.

## When the price gaps past your level

Markets jump. If a coin blows straight through your level by more than your [slippage](/trading/execution#slippage) allows, Dawn **does not** fire the order into that gap — filling there would mean paying far more than you asked for.

The order stays armed and waits for the price to come back into range.

<Note>
  This is why an order can look like it "should have fired" and still be active. The level was passed, but only at a price you had already said no to.
</Note>

## Limits

|                                 |                                |
| ------------------------------- | ------------------------------ |
| Limit buys per coin, per wallet | **5**                          |
| Minimum spend                   | **\$1**                        |
| Expiry                          | 5 minutes to 30 days, or never |

## After it fires

You get a card in the chat exactly like a manual trade, and the position appears in your [portfolio](/trading/portfolio).

If it fails, the card says why and your USDC stays on your balance. A failed order does not automatically retry — place a new one if you still want it.

## Editing and cancelling

Send `/limitorders`, or tap the badge on the coin's panel. See [Managing orders](/orders/manage).