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Gary,
Very good question, indeed. Ken Wolff, in the #MTrader chatroom, says to use Market Order to exit (this type of trading). As he says, "when I want out, I want out now!"
I echo his sentiment. I have tried all kinds of ways to get out. Usually I screw around and screw around trying to save pennies. Sometimes I do save the pennies, but sometimes I get caught up in a selling frenzy and I am left holding the bag, finally get out after stock slides down 1/2 point, one full point, etc. Once I had a full point profit, but by the time I was out it was nearly a point loss. That was a very volatile day and a very volatile stock. But it happens and you never forget it. Hurts pretty bad to see + $1,000 turn quickly into - $1,000.
If the stock is still trending upward and I just want out with a modest profit (the best kind, imho), I might place an ISLD sell order at the ask and wait to get hit. But if lots of folks are also on the ask, I'm not gonna succeed. I might lower the ask by 1/16, making me the lone inside ask for a few seconds, and get out that way. But, on small spread stocks, just use the market order and take your money off the table.
That's how I like to see it done. Me personally.
Bill
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