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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What?
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To: Jon Cave who wrote (264)1/26/1999 1:38:00 AM
From: rlp66  Read Replies (1) of 323
 
When you place a limit order it is the "ask" that determines the price you will pay. If you enter a limit order to buy a stock the order will not be executed unless the ask is at or below your limit. (The limit is the most you will pay for the stock) If the ask was 1 1/2 and you entered a buy limit order of 1 7/16 your order would not be executed unless the ask dropped to or below 1 7/16. That is why your order was not filled immediatly. By the time you changed your order it was probably too late - your order may have already been in the process of being filled. When the price started to drop your limit order was filled.
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