Wow! I get the feeling you must've bought FONR exactly the same day I did! (jumped to over $4 on lawsuit victory news, only to back down to $3 in minutes)
It was even more stupid on my part. I placed the order half an hour before the market opened, then was away from the computer for a couple of hours. Had I stayed, I would've had plenty of warning before the open.
Never again. I only use market orders in stocks I want very badly and am convinced I won't get taken on, as in listed stocks.
If I want a stock *now*, and I think it's a potential fast mover, I put my order in at a limit about 1/16 above the ask (or 1/10 of a cent in pennies), to take the Farsight/MM/Farsight interaction speed (slow) into account. If I want it *whenever*, I just set the price I'm willing to pay, which is usually at or below the ask. Have found, too, that it's often possible to buy at the bid. Especially when the MMs are "shaking the trees". Sometimes they're more than happy to fill a buy at the bid, so it appears to 90% of the watchers that the buy is actually a sell. |
