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Contrary to a classic limit buy order, I would like to trigger a market buy order only once the price exceeds a certain threshold. Does such an order type exist?
(From what I understood, if I send a limit buy market order, and use a higher price as the limit price, such an order simply becomes a market order, and will be filled instantly, not achieving what I want)
Your trigger would be a "buy stop" order. You buy as soon as the price reaches your limit.
Note that you do not necessarily buy exactly at your limit price, your order is executed at any price available, e.g. becomes a market order when reaching the limit.
Your broker might call it a "stop loss" order, and you have to select "buy" as the action. E.g. buying above a limit would stop further losses for a short position, just as selling below a limit would stop further losses for a long position.
