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Non-Tech : Datek Brokerage $9.95 a trade
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To: Dan Duchardt who wrote (6493)1/28/1998 8:29:00 AM
From: Scott Pedigo  Read Replies (1) of 16892
 
when the price fell to 5/8 ask by 9/16 bid I offered it at
5/8. For over a day, with hundreds of executions at both prices,
I I did not filled. The price fell to 9/16 by 1/2, and I lowered
my price to 9/16. For over three days the bid and ask held
steady with hundreds of trades at both prices each day; I never
got filled.

Somebody is under a misconception - either you or me. Why do you
think your stock should have been purchased at the current "ask"
price? Unless you are a trader yourself, or using one of the
more expensive and elaborate trading systems which lets you get
between the "bid" and "ask" and sell/buy directly to/from other
investors, you must sell/buy to/from a market maker. And the
market makers were willing to pay the "bid" price for your
stock, or sell some to somebody else at the "ask" price. You
can't sell your stock at the "ask" price. If you set a limit
price for the sell which is higher than the current "bid" price,
you can always hope that the price will trend up, or that there
is some jitter in the prices and the "bid" price will spike up
long enough for your order to get filled, but it seems that you
just trailed the stock down due to a misconception.

Or am I mistaken? I'm new at this and don't claim to particularly
know what I'm talking about.
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