Is there a difference between a limit order and a resting order?  Or, are they synonymous?  Thanks.

When you put in a limit order one of two things can happen: either the order executes immediately (sometimes called a marketable limit order), or the order does not execute immediately in which case it becomes a "resting (limit) order" and stays there until (1- it executes, 2-you cancel it or it is cancelled automatically at the close of business).

When you put in a limit order one of two things can happen: either the order executes immediately (sometimes called a marketable limit order), or the order does not execute immediately in which case it becomes a "resting (limit) order" and stays there until (1- it executes, 2-you cancel it or it is cancelled automatically at the close of business).

if the limit order is executed immediately, isn't that a market order?

if the limit order is executed immediately, isn't that a market order?

Market order and limit order are different kinds of orders.

Test your understanding of limit orders with these 2 questions:

Q1 - The market is quoted 15.30/15.35 1000shs by 1000shs. I send a buy limit order for 100 shs with a limit price of 16.00 what happens?

Q2 - The market is quoted 15.30/15.35 1000shs by 1000shs. I send a buy limit order for 100 shs with a limit price of 15.30 what happens?

Do you see the difference?

Q1 - The order should be executed at the best price (that is 15.35) right? And I pay the market order fees.

Q2 - The order will be added to the order book @ 15.30

Do you see the difference?

That's not really my comment. If the best available price is 15.35 and you send a buy order (limit) @ 15.35, it'll be executed immediately (if there is enough supply) and you'll be charged market order fees (which are usually higher that limit fees). So in this case a Limit order is equivalent to a market order. 

Well, actually I can see a difference in that a Limit order can guarantee the execution price.

Say the best available price is 15.35 and you want to buy at that price.

1. You execute a market order.

2. You execute a limit order @ 15.35

In case one, you might get executed @ 15.35, higher or lower. It's very possible that market makers change the order book fast enough.

In case two, you are guaranteed that the highest you are paying is 15.35. On the other hand you are not guaranteed the execution of your order.

I can't see the point you are trying to make by your two questions though.