Limit vs. market orders
The core trade-off in every order you place: certainty of execution, or control of price. You rarely get both at once.
The core difference is between prioritizing execution and prioritizing price.
Market orders
A market order executes immediately at the best available price. You have near-certainty the order will fill, but you don't control the exact price. In volatile or thin markets you can suffer slippage and fill worse than expected — especially if the order is large and sweeps several levels of the order book. Here you are the taker, since you consume liquidity.
Limit orders
A limit order sets the exact price (or better) at which you agree to buy or sell. A limit buy executes only at your price or below; a limit sell only at your price or above.
The advantage is full price control and protection against slippage. The downside is that there's no execution guarantee — if the market never reaches your price, the order stays pending or expires. You are often the maker, since you provide liquidity, which on many platforms means lower fees.
The rule of thumb
Use a market order when getting in or out quickly is what matters. Use a limit order when price matters more than the certainty of immediate execution.
Why it matters. Every trade forces the same choice — do you want it done, or do you want it at your price? Understanding taker vs. maker is also understanding why the "convenient" order often costs more (in slippage and fees) than the patient one. The order type isn't a detail; it's the first risk decision of the trade.