Do I need to specify a range when I place a Limit Order?
When I place a Limit Order, I specify a max money value to purchase 100 shares. If I understand correctly, it may take 2 or 3 broker trades to fulfill the 100 shares. Is this correct? Do I need to specify a range in which to buy, even though I set a max?
No, a limit order just specifies the maximum price you will pay for a security OR the lowest price you will sell a security. It's good to use limit orders so you don't get picked off by algorithmic traders. No range necessary. Ask your broker the best way to enter the order on their platform.
A buy limit order is an order to buy a stock at or below a price you entered. It is an easy way to sometimes buy a stock, or security, without watching it constantly, while paying what you intend or less. The downside of the limit order is your price may not become available and completing/ filling your trade may not happen. The trade only takes place when the price is equal to or better than what you offered. By entering a limit order, you are setting the maximum you are willing to pay so setting a range is not an available option, unless you are doing a large order like a block trade (10,000 shares and up) where you authorize a trader the discretion to fill. A 100 share order most likely will be filed by one buyer, since it is the minimum bid for a market maker. Limit orders are very useful tools for all types of investors. I encourage you to look at the definition (like below) and understand their positive and negatives more fully, since space here is limited.
You may wish to check out Investopedia's explanation for more information.
Read more: Buy Limit Order Definition | Investopedia http://www.investopedia.com/terms/b/buy-limit-order.asp#ixzz4UYQPG0Jo