Mr Shoe,
It is absolutely a cardinal rule to NOT use market orders on NAZ AT ALL. You see what happens. Your challenge will go unanswered.
Fidelity did the same thing to me with NITE, but 4 points higher than the market when I entered it. I complained WAY up the chain, and they condescended to give my a fil 1/4 lower than where they did it the first time. BFD.
It happens the marketmaker was NITE on the trade, to boot.
My suggestion works as follows:
Let's say your chasing a stock on a fast moving market and when you're building your online order screen, you see the market at 110 bid, 110 1/4 ask, for example. If you use a market order, then can (and will) nail you...just like they did.
If you use a limit order slightly higher than the ask, and the ask stays lower than your limit when the MM sees your order, then you will GET THE ASK at the time (110 1/4) and this works just like a market order at the offering. So in our example, if you can type fast in the order entry screen and get your order off to the broker, try a limit order at 110 1/2 or 110 3/4.
It also gets you in at your price if the stock is really moving up, and you don't have to chase it. It's a small upside buffer.
Just a suggestion.
Steve |
