can someone please tell me if I should use limit order to buy and sell??? or should I use market Order? Buying penny stocks with limit order is so hard... it never get execute
some example, please give advice
stock abc= Bid .08 ask .09 if use limit order what should I put?
stock abc=Bid .075 ask .076, if use limit order what should I put???
posted
I mostly use limit orders. I work during the day and do not have access to a computer so I put my order in before I leave in the morning (I then check on things by phone over lunch then I can adjust bids/asks whatever if I need to). When I really want a stock I will put in the ask price. I almost always get it unless the stock gaps up on open or it moves too fast upwards at the open. If I don't get it there is always another stock tommorow.
I have used market orders on special occassions such as at the end of the day when I want to sell out my position entirely. I do this sometimes because in the past there were a few times when I had a limit order in and because it was executed too slow I got only a partial fill. Usually I had to drop my ask to get rid of the rest or pay another commission next day when I sold off the rest. If you are just starting out I would suggest using limit orders. You may find a time (after more experience) when you feel comfortable using a market order- it may or may not work out for you. And if it doesn't consider it your lesson for the day. There will be many lessons learned on the way - some will cost more than others. And you will pay for lessons- that's a given.
posted
great advice MACSUSAN ALSO SOME BROKERS LIKE AMERITRADE GIVE YOU EXTRAS LIKE AON=ALL OR NONE MEANING THE WHOLE ORDER HAS TO BE PLACED OR NONE THAT WAY YOU CAN AVOID THE EXTRA COMMISIONS by the way MACSUSAN ARE YOU WATCHING SGF + DDN $$$$$$$$$$$$$$$$$$$$
Posts: 339 | From: Seattle,WA, USA | Registered: Sep 2003
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