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| esquire415 |
 Posted: Wed Jul 23, 2008 1:39 pm Post subject: Limit Price question |
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Investing Manager
Joined: 02 Jun 2006
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I set a limit price to sell shares of BQI at 6.75
On June 26, I saw BQI opened at 6.95 (I was out on vacation when this happened). So I thought, cool! my order may have traded at a higher price than my limit.
July 1, I got back from my vacation and checked my portfolio. BQI executed at a price of 6.75 on July 1, not June 26.
Apparently, my broker was not able to fill my limit order of 6.75 on June 26. I called them and they told me that market orders (buy and sell) are matched and go first before limit orders at the market open. Their theory was that the price went below my limit price when it was time to fill my order. I have no other conditions in my order, but if someone is making a bid higher (6.95) than my limit order (6.75), shouldn't my order execute anyway with a price between 6.95-6.75? Also the bid/ask spread for BQI doesn't go as wide as .20c so it should have gone from 6.95 down to 6.75 in 1c to 5c increments for some amount of time before it dropped below 6.75 (So during that time all the transactions were market orders?)
Any thoughts on this? |
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| zerolikedis |
| Posted: Thu Jul 24, 2008 4:21 am Post subject: |
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Investing Manager
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| we've been hosed Tommy, we've been hosed. |
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