Say I want to buy a stock that's currently at .05, can I put a Buy Limit for .06? If I put the buy limit at .06 will the stock be bought right when the market opens at 9;30ET
Posted by Relentless Despot on :
http://www.allstocks.com/stockmessageboard/ubb/ultimatebb.php/ubb/forum/f/9.html Check here first. Answer to your specific question is yes if you put a buy order in well above the current stated ask price your order will go through quickly for the stated ask price... I suspect though that you might want to visit the above link and familiarize yourself with some of the suggestions offered. Best of luck
Posted by beechwood on :
Usually if you give the MM a point above ask your trade will go through rather quickly. However, patience is a virtue in this bear market As such, I've been placing my limit orders well below bid, wait for the lattest tank in the market to drop, and the low price falls right into my lap and then rebounds from subsequent bargain hunters. I don't know if there is a name for this strategy or not but I find it more reliable (and safer) than selling short on margin and rushing to cover on the rebound.
Posted by A.J. on :
Beech, I pretty much work it the same way because the market will almost always fall back. It makes me mad though when I see not much activity on Level 11 and I know I'm next and the MM will purposely keep the market at the higher ask when there is no demand. I've given in a time or two but swear I will not do it again. The market A-L-W-A-Y-S falls below my desire within 3-5 days. Lucky
Posted by T e x on :
not sure what you mean by "Buy Limit"
Are you referring to entering a buy order--not a market order but a limit order--above the ask?