I used to do limit orders - try to save some money by buying a stock when it's at lowest during the day.

Then I read a book by Fischer called "Common Stocks, Uncommon Profits"which suggested that when you have a long investment horizon, say 5-10 years, and you have done the research to have the confidence, a limit order gives you no real benefit.

Say a stock is $100 today. In 5-7 years you expect it to be $500, the benefits of doing a limit order are less significant.