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An order placed much like a Limit order (buy orders should be placed below the current market price; sell orders above the current market price), but when the market touches the specified price, the order immediately converts to a Market order. MIT orders are used by traders who definitely want to be filled if the market touches the specified order price. With a limit order it can only be filled if the limit price can be obtained - after it reaches the limit price. With an MIT order once the market reaches the limit price the trade will go through whether or not the limit price is obtained.