Scott Pedigo, before you go any further explaining the
markets, you should know that you have NO idea what you are
talking about.
Thanks for putting me straight. I did indicate in my original
message that I am new to on-line trading, so as to qualify
my remarks, (something I didn't do on the follow-up, but I
thought it redundant to repeat something in the immediately
following post).
Even though I am apparently flat wrong about being able
to buy at Bid, or sell at Ask (you say it's possible) I presume
I was still more or less correct in my observation that the
person I responded to was chasing the market with his orders
to sell at the Ask price as the prices were remaining flat or
dropping. He could not figure out why his order did not get
filled for over a day, and he ended up losing significantly
more money than he would have, had he originally made a market
order, or a limit order to sell at the then current Bid price.
He was under the impression that a limit sell order at the
current "Ask" price should be filled with no problem. It
seems to me, due to the fact that it in reality the order
wasn't ever filled after so long a period (even though you
say it is possible under some circumstances), that for
practical purposes, an inexperienced investor is better off
thinking of things like I said. Or am I still wrong?
I also noted that with the right setup (I was meaning what
I think they call a level 2 quote system, which I've seen
mentioned on a day-trading thread, costing about $300/mo.)
one *can* get inbetween the Bid and Ask prices, or sell to
or buy from other investors rather than the market makers.
But as far as I know, we can't do that with Datek On-Line
(yet). Is this what you are referring to when you say that
it is possible, or are things more complicated than that?
Perhaps you could direct us both to some help information
that more clearly explains these things.
Again, thanks for jumping in here. |
