posted
How does the bid/ASK system work? is it based on first come first serve? I was trying to sell GFYF @.0006 today and it sat their and then it moved to .0007. My bid did not get filled. Then on the LVL2 they didnt have any asks for .0006, next thing I know they have ask orders for .0006 and everything is fill except my order. BTW I placed my order 15 minutes before the market opened can anyone explain this to me.
Posts: 32 | From: San Diego, CA, USA | Registered: Jun 2004
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posted
EPIC Think about it!! There are a number of market makers out there all running a business. When you place an order one of two things happen 1-Your broker looks for a MM to fill 2-Your broker has a sister MM where they place your order - - - - - NOW Lets say you place an order for 1k @ .001 to sell The L2 shows: MM#1- 3@.0007 MM#2- 2@.0008 MM#3- 1@.0009 MM#4- 1@.001 (yours) Seven orders will fill before yours comes to top. During this time things may cahge ie: a new PR, an instition buys or sell a large qty, whatever the bids & asks change. and to be sucessful you must "BE THERE". Another example (please excuse me) I'm a gardner: Set out a small pan in the open, the pan is the MM. Today it rains and 1/4" of rain in pan, the next three days the sun & wind come along the pan water evaporates, next day it rains 1" etc. This is what they call market force(how much water is in the pan. VAN
Posts: 1424 | From: Peoria, IL. USA | Registered: Oct 2003
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Thank you for your response. I understand what you’re saying. But the thing is in your example my bid was below the MMs for they were listed at .0007 and I was at .0006 which if I understand, my bid should have been the best ASK price.
Then, when the price traded through to .0007 my order was not filled, then when the price dropped back to .0006 for the last trade, the MMs still were asking .0007, after that the MMs ask dropped to .0006 shouldn't my order been one or the first to execute since It was place 15 minutes before the market opened?
[This message has been edited by EpiC (edited June 18, 2004).]
Posts: 32 | From: San Diego, CA, USA | Registered: Jun 2004
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Thank you for your response. I understand what you’re saying. But the thing is in your example my bid was below the MMs for they were listed at .0007 and I was at .0006 which if I understand, my bid should have been the best ASK price.
Then, when the price traded through to .0007 my order was not filled, then when the price dropped back to .0006 for the last trade, the MMs still were asking .0007, after that the MMs ask dropped to .0006 shouldn't my order been one or the first to execute since It was place 15 minutes before the market opened?
[This message has been edited by EpiC (edited June 18, 2004).]
example bid .07 ask .09 your bid .06 (not the best) you should be able to buy for .09 (not always if running) maybe for .07 .075, .08 etc..... look to see what prices buys are going thru at...
Posts: 9110 | From: boston, ma | Registered: Jan 2004
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I was trying to sell (ASK)1,000,000 shares at .0006, The MMs asks were .0007 and the bids were .0006... The stock price was .0006, and then moved to .0007, .0001 more than my ask price. then pps went back down to .0006 and some MMs changed there ASKS to .0006... and my order did not good thru..
Is it my wording or am I saying something worng? --------
BIDS ASKS ---- ----- .0006 x 2 .0007 x 4 .0005 x 6 .0008 x 2 .0004 x 2 .0009 x 1
I wanted to sell 1 mil shares @ .0006. I had the best ask price since I Was at .0006 and the next ask price was at .0007. The bid is what I was asking. my question is WHY did my order not fill, but other peoples did @ .0006 and .0007.
[This message has been edited by EpiC (edited June 18, 2004).]
Posts: 32 | From: San Diego, CA, USA | Registered: Jun 2004
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your broker might not use the MM with the ask price below your limit order to buy because he doesn't get paid by them for order flow, or
the MM chose not to fill the order because he didn't want to sell any stock then. his ask price was just a ploy to get ppl to sell at the bid. the smaller the spread, the less optimism for the sellers to get a better price.
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