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Thread: When You Buy or Sell a Stock Do You Use Limit or Market Orders

  1. #1


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    When You Buy or Sell a Stock Do You Use Limit or Market Orders

    I always use "limit orders" except possibly for the first stock I bought which was through a stock broker.

    Anyway with the Dow being down 942 points at the low today my limit order filled. Now I'm wondering if I set my limit order low enough. The last time I was planning on buying Target, I set my limit too low and never did get the stock. Sept is suppose to be the worst month for the market and only a couple weeks left so didn't want to go too low and miss my chance.

    Anyway, is there a rule of thumb on how low to set your limit order below current market price?

  2. #2


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    Quote Originally Posted by Midwest Player View Post
    I always use "limit orders" except possibly for the first stock I bought which was through a stock broker.

    Anyway with the Dow being down 942 points at the low today my limit order filled. Now I'm wondering if I set my limit order low enough. The last time I was planning on buying Target, I set my limit too low and never did get the stock. Sept is supposeD to be the worst month for the market and only a couple weeks left so didn't want to go too low and miss my chance.

    Anyway, is there a rule of thumb on how low to set your limit order below current market price?
    No. If you're in it for the long run, a half point is completely irrelevant. If you want the stock, just buy it.

    And yes, September is by far, historically, the worst month of the year. Sticking it to us again this year.

    Don

  3. #3


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    Quote Originally Posted by DSchles View Post
    If you're in it for the long run, a half point is completely irrelevant.
    But it feels good to keep the market makers and high frequency traders from eking out a few hundredths of a point from my trades.

  4. #4


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    Quote Originally Posted by 21forme View Post
    But it feels good to keep the market makers and high frequency traders from eking out a few hundredths of a point from my trades.
    Yeah, you're really crippling them!

    Don

  5. #5


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    Quote Originally Posted by DSchles View Post
    No. If you're in it for the long run, a half point is completely irrelevant. If you want the stock, just buy it.

    And yes, September is by far, historically, the worst month of the year. Sticking it to us again this year.

    Don
    I assume by a point in the stock market you mean one dollar. I'm not talking about a half point. I'm talking about 10 points or more. I like to think about 5 to 10 percent below what the market is.

    When I buy a stock I'm in no hurry. I may have a limit order out there for 3 or 4 months, and if I set it too low I will adjust it upwards if there is no sign it might go that low.

    In this case, it filled quickly, but I was willing to wait and I got it around $500 lower than if I bought it at market. Limit orders are the way to go.

  6. #6


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    September seems to be the worst month not only for US stocks but worldwide as well. Still, most of the major share market crashes have occurred in October. This year there is the added uncertainty of COVID-19 and the US election so I think volatility will remain a feature of the market for some time.
    Casino Enemy No.1

  7. #7


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    Quote Originally Posted by davethebuilder View Post
    September seems to be the worst month not only for US stocks but worldwide as well. Still, most of the major share market crashes have occurred in October. This year there is the added uncertainty of COVID-19 and the US election so I think volatility will remain a feature of the market for some time.
    Speaking of volatility, I kinda sorta think that a Biden win will see a drop in the markets. Just my $.02. I guess we will see.

  8. #8


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    Quote Originally Posted by Freightman View Post
    I kinda sorta think that a Biden win will see a drop in the markets. Just my $.02.
    I agree. Corporate (and probably personal, too) taxes will go up.

  9. #9


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    Quote Originally Posted by 21forme View Post
    I agree. Corporate (and probably personal, too) taxes will go up.
    In Canada, the cost of Covid programs virtually guarantees new federal cash grab programs, which means higher taxes among other things, regardless of who wins in the U.S.

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