posted
Ok I'm using choicetrade.com and I had something pretty strange happen.
I decided to sell off my qbid stock that I bought at .0005 and just lose my trade fees because I can't see that one going anywhere anytime soon.
I put in a order to sell all my shares as GTC with a limit of .0005.
At around 2:20 or so yesterday 100k of my shares sold then the price dipped to .0004. After that it kept trading at .0005 and is still trading at .0005 today. Yet the rest of my shares have not sold.
How can this happen? It's supposed to be fist come first serve isn't it? I called my broker about it and he tells me that if I set the order limit at .0005 that it needs to hit .0006 for mine to sell.
Now I'm new to this stuff but I find that to be BS, because I tracked down my sale of 100k shares in the L2's and it was indeed sold at .0005. On top of that qbid hasn't touched .0006 in almost a week.
I also had the same stock for sale at .0006 since Nov 1st and there were tons of buys at .0006 the beginning of the month and mine never sold. Hence the reason I dropped to .0005 .
Can anyone explain to me a legit reason I why I'm still siting on the remainder of my shares when it's currently trading at .0005 right now?
Does this make sense to anyone?
Posts: 462 | From: FL | Registered: Oct 2003
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posted
Crockett, there are two prices... the bid and the ask. You buy at the ask (generally) and you sell at the bid (generally). Sometimes, depending on supply or demand pressure, etc., you can buy at less than the ask or sell at more than the bid... but not always.
I know that's a hard lesson to learn. Sorry, man. Just keep your order in as a 60 day (Good Till Canceled) order. If the price changes enough, you may eventually get it. Or you can just lower your sell price. Or hold.
-------------------- Life is like a roll of toilet paper. The closer it gets to the end, the faster it goes.
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