A limit order instructs a broker to buy or sell a stock only at a specified price or better — a buy limit executes at that price or lower, a sell limit at that price or higher.
It simply expires unfilled (or stays open, depending on the order's time-in-force setting) — you never buy or sell, which can mean missing a move the underlying thesis correctly called.
No — a limit order executes at a specified price or better and is typically used to enter a position or lock in a target. A stop order sits dormant and converts into a market order once a trigger price is reached, typically used to cap a loss.
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Educational research only — not investment advice.