I'll give you guys a little tip here....
and this applies to all online brokers..all of them...
when you place an order on an olb it has to be looked over to make sure it is inline with the profile that you filled out when you first signed up.. this is a regulatary rule, that the olb are lobbying to change, but it is still a rule...
so..what to do...
let's say you think that there just may be a small possibility that you might want to sell some shares in your account that day...
most people sit at the screen and when they decide to sell, then they fill out an order...ok...well, then they have to sit and wait while the order is approved. if it is a busy time, that wait can seem like forever.
this is what you do...
open up you order menu, doesn't matter which broker mytrac, etrade, ameritrade, swab, dlj, webstreet....all the same rules and process...
open it up early in the morning, say 8:45 whatever...
well before opening bell (hell it could be 11 p:m the night before)
leet's say you have 100 shares in AOL that you may want to sell that day, but you are not sure.
current price is at $56...
so enter a limit sell for $66 (56+10) for 100 shares, good for that day...
why do you do this...simple, as the order takes come to work at 9:00 a:m they'll start reveiwing these orders...once they reveiw your order it will be cleared and placed open before the bell...
now...it isn't likely to sell since it is $10 over the ask, but, should it take off, you're already in the que...
but more importantly...let's say it drops to 55 and you want to sell now..
you simply go to the order you have already placed for $66 and change it to 55...
it happens almost instantaneously since it has already been reviewed. no wait, and you order is there out in the que, for the market makers or specialists to deal with...
try it today.
put in a sell order for etrde at $45 before the bell...
then later go change the trade to $35 and see how fast it happens.. |
