doing a market buy instead of limit order
i am wanting to do a limit order for a short but it keeps on doing a market order short, the price of my order and where it is, is a 3% difference. is it not enough? i am under the limit tap im putting in the price i am wanting the order to come in but it shorts it right away 3$ above my limit order, im guessing im doing something wrong, can anyone help me please google isnt helping at all
You need to place stop-limit or stop-market order to short below current price
Using limit orders has always been problematic in automated trading systems, especially closing a position. One can monitor the spread for opening a new position, low spread usually mean price is not moving, and a mkt order can be used. Getting out of a position same, but with the risk price is moving fast, you get out too late trailing the price action. One could consider using algorithmic execution of the order. Another method opening a new position is to set lmt price 2 ticks above present price, you will be surprised how often you get filled – as orders enters from many traders with different delays, many are actually crossing orders several ticks off, this you do not see at the book, but they are there.
A limit order will pick up stated price or better. So in a short position if the current price is $2 and you enter $1.90 then $2 will be executed as it’s better than 1.90 thus it’s like a Market Order.
If you are following a chart using Super Trend for example and you want to follow the chart to the teeth then you should use Stop Market / Stop Limit where the order is picked up at a specified Mark or Last price. Please remember that in Stop Limit; once the price is triggered, the system will take in the limit price or better. I generally use Stop Market.
Stop sell limit for short sell.
Limit orders work good but not when you plant to short stuff … you think big ass VC’s have this on auto limit orders when they want to short something? For shorting, better sell yourself with a market order because the stop limit can be skipped if no one bids at that price , assuming you want to sell at low price.
If you try buy limit orders, just add a dime over the current price display and it will fulfill very fast. For some reason sell orders are more tricky but especially for short sell.
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