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In reading the comment in other threads, I am shocked by the lack of understanding of stock order types, what they mean, and when to use them. Uneducated (or worse, people that think they are educated) are jumping into the market without understanding basic mechanisms and, in effect, exposing themselves to significant risks

If you learn nothing else, learn this: DON'T USE MARKET ORDERS!!!


ORDER TYPES

Market Order: Immediately execution(1) at National Best Bid and Offer (NBBO). The definition of immediate execution is undefined.

When you place a market order, you are effectively telling your broker "Give me XXX shares of ABC at the best price right now!." Your order is then routed to an exchange (2).

The benefits of market order is that you are guaranteed to have your trades execute (as long as there are bids/offers).

The risk in market orders is that there is a chance that NBBO at a given time may be far from the last trade amount. Let's use an example where a stock's last trade is at $145. If for some reason (technical glitch, after hour trading, low liquidity), the best bid on the book is 0.05. You put in a market order for 100 shares, you will execute at $0.05 rather than $145. So instead of netting $14,500, you net $5.

Another example is say the current bids are:
100 57.9400
100 54.0000
800 0.0001

And you put in a market order to sell 500 shares, 100 sells @ $57.84, 100 sells @ $54, and 300 sells at $0.0001. This is most likely not what you intended.

DON'T USE MARKET ORDERS


Limit Order: An order to sell or buy at a set price or better.

When you place a limit order, you are telling your broker "Give me xxx shares of ABC at $yy.yy or lower". Your order will then be routed to the Limit Order Book to be matched. Everyone in the market can see your order.

The benefit of Limit Orders is that you are guaranteed to only trade at a given price. You know what price you'll buy or sell at.

The risk in a limit order is that in a fast moving market, your limit order may not hit. For example, if it is currently trading at $145 and you put in a limit order to sell at $146, it may never hit $146 and your order will not execute.



Stop Order: A stop order turns into a market order when the last traded price touches the stop price.

When you place a stop order, you are effectively telling your broker "IF the last traded price for ABC is $XXX, sell yyy shares IMMEDIATELY." Your stop order stays at your broker (it does not get published out to the market). When the stop price hits, the broker sends out a market order for the stock.

The benefits of a stop order is that it can be used to cut your losses in a crashing market or lock in your gain. Say that you bought AAPL @ $195 and it's currently trading at $254, you may want to set a stop at $210 so that if the market does crash, you can lock in a gain of $15.

The risk of stop order is that you can easily get knocked out. Using the above example, let's say that AAPL somehow drops to $209; your stop executes; you sell your shares at $209. Later on in the day, AAPL rallies back to $250. You would have sold your shares for a lot cheaper than you should have. (This is called, "getting stopped out")

Unscrupulous market makers, institutional investors, and hedge funds sometimes use this to their advantage. A market maker may be able to detect a large number of investors setting stops at a certain price (3). With that knowledge, they would force the price to that level, trigger the sells and buy the stocks at a cheap price.


Stop Limit Order: A stop limit order turns into a limit order when the last traded price is the stop price.

When you place a stop limit order, you are effectively telling your broker "IF the last traded price for ABC is $XXX, put in a limit order for yyy shares $ZZZ"

The benefits of a stop limit order is similar to the stop order as well as the benefit of knowing at what price it'll execute.

The risk is the same as a stop order. In addition, there is a chance that your trade will not execute. For example, if you put a stop limit order of $210 stop/$209 limit, there is a chance that in a high volatile market, the stock gaps down from $210 to $205 and never touches $209. At this point, your trade won't execute.

Trailing Stop Order: A trailing stop order is a type of stop order that sets a stop that adjusts according to the current market price. This is a good strategy for investors that don't regularly follow the market and don't want to be wiped out by unexpected market crashes. This is also known as colloquially as letting the gains ride and cutting your losses quickly.

When you place a trailing stop order, you are effectively telling your broker "IF the stock is trading xx% below it's market high, send in a market order to sell yyy shares."

For example, a standard trailing stop is 10%. Let's just say that you bought AAPL at 200. Since you don't follow the market often and you want to let your gains ride and cut your losses or capture the gains, you put in a trailing stop for 10%. Your trailing stop is now 180. The next day, AAPL hits 215, your trailing stop is now 193.5. The next day, AAPL jumps to 250, your stop is now 225. Next day, it rises to $260, your stop is now $234. Next day, AAPL drops to $230. Your stop would have triggered at 234 and you would have sold around there. As you can see, this is a very easy hands off method of investing.

The benefits of a trailing stop order is that it is very hands off. You let your winnings ride and cut your losses.

The risk is the same as a stop order. In addition, you are guaranteeing yourself that you will always sell 10% down from peak. In a highly volatile market, your order can get hit unexpectedly.


______________________________________________________

ORDER ATTRIBUTES
In addition to order types, there are also a number of optional order attributes that can be place on your trade. These effect the execution of your trades.

All or None (AON): Either all of your order quantity gets executed or none of them. This can only be done with minimum of 300 shares. The risk of using AON is that a trade may not get executed.
I use this a lot when I place trades. Let's say I have 500 shares of AAPL that I want to sell. If I put in a order for 500 shares, I don't want only 350 shares to sell and 150 shares sitting in my account. This annoys me for two reasons: 1) if I want to sell 500 shares, I want to sell all 500 shares. 2) if I have to put in another trade for 150 shares, I'd need to pay 2 commissions

Fill or Kill (FOK): The trade either executes immediate or the trade is cancelled. Say you put in a market or limit order and there are not enough sellers or bids to fill your trade request, your entire order is cancelled.

Immediate or Cancel (IOC): Any part of the trade that does not get immediate fill will be cancelled. So, for example, if you put in an IOC limit trade, any part of your trade that is not filled immediately will not execute.

Good for Day or Day Order: The order will only be active during the days trading session. If your order or any part of your order is not filled by the closing of session, the order is cancelled. Your orders will not go into extended hours or the next day. This is the default order time type. In most cases, this is the order type that you currently use.

Good 'Til Cancel (GTC): The order will be active until it is manually cancelled. This saves you the time to book an order every day. So for example, if you put in a GTC order to buy GOOG at $400 today, it may execute in 2 weeks. People normally do this for stop loss orders.

______________________________________________________


Footnotes
(1) SEC regulation does not require trades to be executed in certain time period, unless your broker specifically advertises their speed of execution. For example,
ETrade advertises a 2 Second Guarantee;
TD Ameritrade advertises a 5 Seconds Guarantee; and
I can't seem to find a guarantee for Charles schwab. However, SEC regulations require brokers to capture and report execution statistics. Schwab Stats,

(2) This is a gross simplification. According to SEC regulations, the broker has the option to route the order to an exchange, a market maker, an ECN, or executed within the firm, whichever one the broker deems has the best price at any given time. source

(3) There are a number of ways to detect stops. In the past, stops were published out to market so market makers could see the levels. Nowadays, most brokers handle the stops within the brokerage. Even then, finding stops is very doable. One way is using a little behavioral analysis. Novice investors set stops at logical levels (200, 210, 150 rather than 195.95). If everytime the stock trades at a certain price, large market orders enter the market, you know that is a level that people set stops. This strategy is called Stop Hunting

______________________________________________________

Other Reading
SEC: What Every Investor Should Know about Trade Execution
Limit order vs Market Order



CANNOT REITERATE ENOUGH, DON'T USE MARKET ORDERS

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Order Execution Tips To Your Advantage
The following are certain knowledge that may be used to help your trading.

______________________________________

Understanding Order Books: All limit orders are listed in order books. Seeing other traders orders can be used to your advantage when you are placing your own trade.

Sample Order Book for GOOG (note, this was taken after hours, so liquidity is low):
    Bid              Ask
Price   Size     Price   Size
520.19   100     521.91   100
519.75   100     522.00   100
519.70   100     524.24   900
<snip>
490.50    75     700.00   300
400.00    50     988.32   400
  0.01   400


Parts of the Order Book
The left two columns are the bids and the right two columns are the ask. For each bid/ask, there is a price and an aggregate size at that price. The top of the book is the best bid and offer price. The difference between the first bid and first ask is the bid-ask spread.

Seeing this order book tells me a couple of things (this is from personal experience):
1) If I were looking to sell, I would put a limit order at 524.23 and adjust accordingly. There is a large offer size at 524.24. If I place my order at 524.24 or higher, I'll be stuck behind that order until that order gets filled. I can jump ahead of that order by placing an order for 1 cent less. In addition, I also see a large gap between 522 and 524.24. Unless someone places an order at the gap, after the first two asks get filled, the best offer will be 524.24. (Incidentally, this is what a number of algorithmic trading does)

2) There are some interesting orders in this book. You see that there are 400 shares at
$0.01 and 400 shares at $988.32. This is a trader trying to capture mistakes and dumb traders that use market orders in an illiquid market (after hours). For example, let's say a novice investor watches Cramer as he yells "Buy buy buy" for GOOG. Instead of waiting until the next day to buy where there is more market liquidity, he decides to buy then and there at 6pm. He goes to his AmeriTrade account and enters a market order to buy 2000 share of GOOG. What will happen is, he will buy 100 @ 521.91, 100 @522, 900 @524.24, 300 @ 700, and 400 @ 988.32. The trader that listed the $988.32 sold the 400 shares to our novice investor. He just made $466.41/share off of stupidity.


URLs:
These are some of the places that you can view order books. There used to be more, but a lot of them went behind pay walls.
Yahoo Finance - Real Time - Click on the Real Time link in Yahoo Finance will bring up the order books from the BATS Exchange

BATS Exchange - One of the smaller exchanges that doesn't charge for access to their order books

ARCA Exchange - Used to be free, but now charges $10/month

LevelII Stock Quotes - I just stumbled across this on my recent search. I don't know where the source of the information is from or how legit this is.

______________________________________


Price Improvement: Brokers have the option, not the requirement, to improve prices above the NBBO. For example, let's say you put in a market order to buy shares of AAPL. The nationally best bid is 254.25. The broker can seek out another source that will give you a better price, such as a market maker or from their internal inventory. The benefit of this is that you get a better price on your order than if the broker just went to the market. The risk is that this takes a bit of time (milliseconds to seconds). In that time, they may not be able to get you a better price and the best bid is no longer available.

By SEC regulation, brokerage firms must collect and report the statistics of price improvement and executions.

Here are a couple (if any of you want to help compile more, it may be beneficial to figure out if you end up paying more in a low fee brokerage)

Schwab - 81.6% of trades are price improved by an AVG of 0.50 (NASDAQ) or 70.4% improved at 0.23 (Listed)

ETrade - 77.8% price improvement

AmeriTrade

FAQ

Feel free to ask any questions, I'll answer common ones here

Q: Now that you've told me to never use Market Orders, how should I place my trades?
A: In most situations, I would always use a limit order for a number of reasons.
1) If you're investing or trading, you want to do some due diligence, research, and analysis. You want to have a number in mind that you're willing to buy and sell at. Limit order will maintain trading discipline. There are many times where I enter an order, the market moves away from me; I get tempted to just put in a market order but don't and later on in the day, it comes back to me. This saves me a couple basis points. And there are other times where my order never hits and I go back and redo my analysis on how much I'm willing to pay/sell.
2) In an illiquid market or illiquid points in the day, I don't want the bid/ask to dry up and I end up trading at 0.01 or $900. These points in the day may be at the open or close to the close. NEVER USE MARKET ORDERS FOR EXTENDED HOUR TRADING.

If you want the benefit of market order (immediate execution) without the risk associated with low liquidity, I would recommend putting in a marketable limit order. This is just a fancy name for putting in a limit order above the ask or below the bid. Remember, a limit order means "I will buy or sell at this price or better." So in my above example with GOOG, you could put in a buy order for 2000 shares at $525. This means, you will buy GOOG at $525 or better.


Q: Does this explain what happened on Thursday?
A: First of all, even the experts aren't decided on what happened on Thursday. It's hard for me to say for sure what did or did not happen.
A lot of different pieces lead to Thursday's events:
* Very thin bids on the order books (http://rajivsethi.blogspot.com/2010/05/reflections-on-flash-crash.html)
* High trading volume
* Stops triggered lead to more selling
* Algorithms shut down to cut losses to their firms
* Liquidity dried up

This is the best analysis of what happened Thursday that I have found: Gary Gensler's Prepared Remarks for Congress

Check the other thread for more in depth analysis of Thursday's events.


____________________________________________

Highlighted Comments
bberryaddict said:
good rule of thumb for market orders is to make sure the size of your order is less than 1% of its current volume. if XYZ has traded 250,000 shares and you want 3,000 shares market, check yourself before you wreck yourself.

Good info, but damn, people play in the market and don't know what the terms mean? Maybe they deserve selling their GOOG shares for .0001/ea... OOPS!

Excellent guide for selling. What about buying? Obviously the definitions are the same, but what if I buy at an extremely low price thanks to a Market Order during a time like the past Thursdays 900 point drop?

tazzy531 said: Limit Order: An order to sell at and only at a set price.
...at the specified or better price, right?

tazzy531 said: When you place a limit buy order, you are telling your broker "Give me xxx shares of ABC at $yy.yy or cheaper".
(bolded is my corrections)

So what's the rule for who gets the benefit if two limit orders overlap? Do all benefits go to the later order? E.g. in the above example of bids 100 @ 57.9400, 100 @ 54.0000, 800 @ 0.0001, if a limit sell order for 400 @ 53 is entered (with no qualifiers) what's going to get executed? (100 @ 57.9400 + 100 @ 54.0000? Or 200 @ 53? Or something in between?)

while I agree with the general rule not to use market orders

there are still some people with brokerage accounts out there that have a different commission for a limit order and if a million shares of IBM are trading --- I don't see a problem with a market order for someone buying 10 shares

also, I have been buying $50 per month in QQQQ commission free since my son was born --- those are market order purchases and I am not worried if someone scalps a few cents from my $50 purchase

olegos said: (bolded is my corrections)
Thanks, I fixed it.


So what's the rule for who gets the benefit if two limit orders overlap? Do all benefits go to the later order? E.g. in the above example of bids 100 @ 57.9400, 100 @ 54.0000, 800 @ 0.0001, if a limit sell order for 400 @ 53 is entered (with no qualifiers) what's going to get executed? (100 @ 57.9400 + 100 @ 54.0000? Or 200 @ 53? Or something in between?)


That's a good question. I'm not entirely sure. My guess would be, if you enter a sell limit order for 400@53, you'll get 100@57.94 + 100@54 and 200 open @ 53.

My theory would be that the bids have already advertised their price and the new bid would get the benefit.


Update: I've found a reliable source. This type of order is called a marketable limit order.

Marketable Limit Order
A purchase or sale order with a restriction on the maximum price to be paid equal to or greater than the current offer in the market or a restriction on the minimum price to be received equal to or less than the current bid. This order will be executed against the prevailing quote on the other side of the market upon the arrival of the order unless the quote changes, the quantity bid for or offered in the market is less than the size of the order, or another arriving order permits price improvement.

germanpope said: while I agree with the general rule not to use market orders

there are still some people with brokerage accounts out there that have a different commission for a limit order and if a million shares of IBM are trading --- I don't see a problem with a market order for someone buying 10 shares


Yes, that is true. In the past, brokerages used to charge different price for market order vs limit order. Though, I haven't seen this too common nowadays.


also, I have been buying $50 per month in QQQQ commission free since my son was born --- those are market order purchases and I am not worried if someone scalps a few cents from my $50 purchase

That is true, using market order here may not be a problem as long as there is period of liquidity. Just don't put in a market order at 8:15PM in extended hour trading.

Market Order + AH = Perfect couple

Thanks for the info!

Don't forget Good-till-Cancelled (GTC), which is exactly what it sounds like and often the default order type.

Come'on, I want my trade to execute. I don't care about saving a few cents.

UTan87 said: Excellent guide for selling. What about buying? Obviously the definitions are the same, but what if I buy at an extremely low price thanks to a Market Order during a time like the past Thursdays 900 point drop?
Using market orders to buy when liquidity has dried up (like last Thursday) is a good way to pay an extremely inflated price. For example, Sotheby's opened at $34 last Thursday, but during the panic someone bought at $100,000.

The problem here is that only limit orders are placed in the order book. Market orders are filled against the best price from the order book, but if market order quantity exceeds limit order quantity at reasonable prices, the market orders start getting filled at unreasonable prices. This can happen with sell or buy orders.

[Edit to add:] The only way you would have bought at an extremely low price with a market order is if someone placed a sell limit order at that extremely low price, which would mean someone intentionally selling at that price.

do178b said: Come'on, I want my trade to execute. I don't care about saving a few cents.

Then place a sell limit order with the limit price a few cents (or few dollars if you don't care about saving them either) below the current market price. You don't want to be the one selling your $50 stock for $0.15 because the order book has been exhausted.

I think there is also a Trailing Stop Limit Order.

As I read this, there are three trades that are essentially market orders: market order, stop order, & trailing stop order. Since one is direct and the other two turn into market orders, are they as bad as described? I've been mostly doing trailing stops as described for a more hands off market order. Similarly, my employer stock purchase account is fairly limited on what I can do and I end up doing market orders in that account. They do not even have real-time quotes available, so I have to look elsewhere to figure out what my sales realistically look like.

Interesting information on the order books. Just curious how I could obtain such information in real-time.

scotth501 said: As I read this, there are three trades that are essentially market orders: market order, stop order, & trailing stop order. Since one is direct and the other two turn into market orders, are they as bad as described? I've been mostly doing trailing stops as described for a more hands off market order. Similarly, my employer stock purchase account is fairly limited on what I can do and I end up doing market orders in that account. They do not even have real-time quotes available, so I have to look elsewhere to figure out what my sales realistically look like.

Yes, you're right. Stop Order and trailing stop orders are variations of market orders. However, (personal opinion), I feel that they are safer than pure market order for the reason that there has to be trades and executions for the triggers to hit.

Just to clarify, I don't necessarily think that you should never use market orders. I'm just saying that you should not use market orders if you don't know the risks. At minimum, before you enter a market order, check the order books. See if there are reasonable bids/ask.

The only time that I said "NEVER" is on Extended Hour Trading! NEVER USE MARKET ORDERS IN EXTENDED HOURS!

wxl31 said: Interesting information on the order books. Just curious how I could obtain such information in real-time.

I posted a number of links above. They are all real time.

For example, go to yahoo finance real time screen (http://finance.yahoo.com/q/ecn?s=AAPL+Real-Time). At the bottom, it shows the real time book from BATS exchange

Or click here (http://batstrading.com/market_data/) and enter AAPL on the right side (book viewer). You'll see all the bid/ask orders and lot size. Note, this is only for the BATS exchange. This auto updates.

Or go here (http://www.level2stockquotes.com/level-ii-quotes.html), click on Java Bookviewer 1 in the middle of the page, enter AAPL and hit Go!. This shows you the order books from ARCA. This auto updates.

it also depends on the average daily volume of a stock vs its price. market order for 1000 shares of C will be fine. market order for 1000 shares of BRK.A, you're totally screwed, out of the money by a few thousand points, literally.

i don't think you're even allowed to do market orders premarket/after market hours. a market order is meant for when the market is open.

good rule of thumb for market orders is to make sure the size of your order is less than 1% of its current volume. if XYZ has traded 250,000 shares and you want 3,000 shares market, check yourself before you wreck yourself.

So, is it a good idea to have standing limit orders at the "bottom of the book"? So if the rest of the book dries up, you are the one getting the good end of these deals? Or will that only work for wall street insiders?

JohnGalt69 said: So, is it a good idea to have standing limit orders at the "bottom of the book"? So if the rest of the book dries up, you are the one getting the good end of these deals? Or will that only work for wall street insiders?

Never really tried. If the market is working correctly, you will never get hit. As we saw on Thursday, sometimes the market fails for unknown reasons. If you're going to do it, find a lowly traded stock that has a thin order book.

Report back on your results.

JohnGalt69 said: So, is it a good idea to have standing limit orders at the "bottom of the book"? So if the rest of the book dries up, you are the one getting the good end of these deals? Or will that only work for wall street insiders?

not a good idea unless you're watching your position once you get in. let's say on the day of the crash, you had a limit order to buy GOOG @ 499.95 and a stop market @ 474.95 (using 500 and 475 as resistance levels). you would get in, get hit on your exit, and it would run back up past $500. loss of 25 points.

who knows where the bottom is? you're assuming that stocks will eventually bounce back to its normal price but thats the worst trading mentality to have. you'll get demolished in this market if you trade like that.

bberryaddict said: JohnGalt69 said: So, is it a good idea to have standing limit orders at the "bottom of the book"? So if the rest of the book dries up, you are the one getting the good end of these deals? Or will that only work for wall street insiders?

not a good idea unless you're watching your position once you get in. let's say on the day of the crash, you had a limit order to buy GOOG @ 499.95 and a stop market @ 474.95 (using 500 and 475 as resistance levels). you would get in, get hit on your exit, and it would run back up past $500. loss of 25 points.

who knows where the bottom is? you're assuming that stocks will eventually bounce back to its normal price but thats the worst trading mentality to have. you'll get demolished in this market if you trade like that.


I think he's referring to putting in a bid for GOOG at 0.05 and an ask for $5000. They'll never hit unless there are no other bid/asks

I've found that forgetting to opt for "AON"(All or None) has caused more problems than placing a market order(though I agree with other posters who have said never to do it in after-hours, it's just a bad idea). While I don't like trading at "market" just on principle(you shouldn't be on FW if you're that lazy!), I've done in a few times when I just wanted to get a trade in and didn't have the time to wait for the price to get where I wanted--which is pretty much the point of that trade. If you're watching a stock for a while though and really waiting until it hits or gets very near to hitting resistance or support before you buy or sell, it can be pretty easy to put in an order and only have some of the shares in your order execute, while the rest are left waiting to sell/buy at that price. You pay the same amount for that trade! Now I always opt for "AON", although this can mean your trade will take a bit longer sometimes to execute (again, most stocks that people trade see so many shares change hands it doesn't have a big impact) at least you won't get stuck with 20 shares of stock X when you put in your order for 500. Happened to me!

Moderators: Can we make this a sticky?

I once put in a limit order to sell 6000 shares of a stock and did not put in AON and had someone buy one share. One share! Fortunately, I use Bank of America, so all of my trades are commission free (the only benefit of BOA and only reason I stick with BOA even though I am constantly banging my head against the wall dealing with them).

FatNYC said: I once put in a limit order to sell 6000 shares of a stock and did not put in AON and had someone buy one share. One share! Fortunately, I use Bank of America, so all of my trades are commission free (the only benefit of BOA and only reason I stick with BOA even though I am constantly banging my head against the wall dealing with them).

Thats an awesome story. What makes it even more annoying is now you have an odd lot. (I'm planning on writing a section on odd lots)

RE: BoA Commission free trading... I'm curious is you're paying for it throught poor execution and price improvements. Look up the statistics on it..

If the stock you plan to buy/sell has an average trading volume (3m) of 700K or above, you don't even need to use limit order as the spread between the bid and the ask is too small to worry about.

thinnwallet said: If the stock you plan to buy/sell has an average trading volume (3m) of 700K or above, you don't even need to use limit order as the spread between the bid and the ask is too small to worry about.

Tell that to the people who sold PG at like 45 on Thursday.

This is one of the most informative threads I've seen on FWF for a while! Thanks OP

Very knowledgeable and useful information for relatively newbie to the stock market.

Thanks OP for the great information.

I still don't understand what's the difference between Marketable Limit Order and Limit Order. Can anyone help?

TheDealMaker said: I still don't understand what's the difference between Marketable Limit Order and Limit Order. Can anyone help?

ex, if you set your limit higher than current ask price when buying, your order is "marketable limit order", because most likely it will be execute immediately at currently price. The limit price you put in will protect you from sudden jump on ask price since the order specify that you don't want to buy the share above your limit price.

If you learn nothing else, learn this: DON'T USE MARKET ORDERS!!!

False. There's time and place for every order, including Market Order.
For example, as a day trader, if news driven stock is on the move only the clueless will put his limit order out there and try to nickel and dime the market. You'll be left behind. Same for limiting losses when there's a fast market against your position - dump quickly at the market and take your loss. Got a stop order in place? - you had better - what do you think a stop order turns into once it gets activated?
I've been trading for 20 years.

fixfox69 said: If you learn nothing else, learn this: DON'T USE MARKET ORDERS!!!

False. There's time and place for every order, including Market Order.
For example, as a day trader, if news driven stock is on the move only the clueless will put his limit order out there and try to nickel and dime the market. You'll be left behind. Same for limiting losses when there's a fast market against your position - dump quickly at the market and take your loss. Got a stop order in place? - you had better - what do you think a stop order turns into once it gets activated?
I've been trading for 20 years.


I think in this situation, OP was suggesting putting a limit order in at greater than the current ask price. The order would then execute at the current asking price, assuming that the stock didn't ALREADY move past the limit buy price.

Thanks, useful advice OP. Bookmarking.
A recent post on the WSJ blog talks about market and limit orders around May 6 Dow drop.

Skipping 83 Messages...
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