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Oil-Dri Corp. of America Message Board

  • algo41 algo41 Mar 20, 2012 1:12 PM Flag

    limit orders

    My experience has been that somehow unknown people are cutting in on limit orders at prices that differ by less than 1 cent. For example, if you have a limit to sell at 89, stock is sold at 88.999 and your order is not executed. I was buying some ODC today, and while I wasn't victimized, someone selling at a limit was.

    Is my experience, on both buy and sell, unique to me?

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    • Aha! I think I know what the answer is. I told you TD Ameritrade whenever I do allow them to buy or sell something for me at market comes back with a price like that. It's what I pay or receive. So that would look to someone sitting on a limit order and watching what's happening to think that they had been undercut--and I suppose they had. But it was innocent as I just decided to buy at whatever price I could get it for and my broker automatically offered just a hair under what was currently waiting to be traded.

      Make sense? L.

      • 2 Replies to skiplarson98
      • Skip, TD Ameritrade must be a great broker.

        Bottom, I have no stocks I feel very enthusiastic about right now.

      • On second thought, I'll bet I did not tell you about those orders which I get at $xx.0199 or such. It was in that half a post Yahoo just would not let me enter.

        Usually I use limit orders but once in a while I'll decide to buy or sell something at market. When I do, and I remember this particularly with TDAmeritrade, it almost always fills at that kind of odd number. What I think is happening would answer your question since from your viewpoint it would look like I had cut in just above your limit order. I think TDA did cut in and that is just what you would expect. Their computer would look at the next order in queue and say I'll pay just a hair more or a hair less. And my order would fill just .0001 above your limit order which is next in line. If no one else ordered at market, you'd get filled next, but if they did, the broker would again offer just a bit more than you. And that trade would show on the tape.

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