I don't get how this order executed. I placed the order before market open at last day's closing price, but after hours and premarket trading had the stock open at a much lower price than last day's closing price... You can check historical quotes of the opening prices to see what I mean.
What I don't understand is how this order DID get executed at the open; I thought orders that had such a spread between open price and ask/bid price wouldn't get executed.
Platform was IQ Option, haven't gotten this to work using other platforms except when on a demo account (worked with demo on IG Group platform). The answer is maybe very obvious but I don't get it...
It's been bugging me because I can't find anything on it anywhere. The only things I've been able to find is that it got executed because the broker (IQ Option) had shares of their own as a buffer for their traders, or the order got executed because somewhere there was an offer for a matching price.
I happened a couple of times, but other times it didn't execute.
Easton Allen
What coin is That?
Jonathan Wright
Coin? Snap Inc is the snapchat company.
Matthew Morris
This was a limit order?
Cooper Perry
No, it was placed at about market price (they call it current price even when the market is closed.
and here I mean it's nice and all that I can/could place such orders and have them filled, but now that I'm using different software (CMC Markets currently) there's no option for it. So I'm trying to understand how it worked those first couple of times on IQ Option.
lol. just use tdameritrade, these are boomer stocks my guy.
Tyler Russell
>placed at about market price This is a terminology problem. If you were able to "place" the order at a certain price, it was a limit order. Market orders don't allow this, you just buy or sell at the current bid/ask.
Daniel Long
Limit orders are executed when your target buying/selling price is reached (or better). Thing is: my target price was never reached... When for example NASDAQ opens, all MOO orders are executed at a set price that is determined by a bunch of computers (or specialists if we're talking about the NYSE) based on the after hours and premarket activity. So whether or not I would have placed my order at the price seen in my screenshots, it should never have been executed because nobody is buying or selling his/her shares at that price, which would give me the opportunity to sell or buy them
Jeremiah Gray
lol why do you use iq option? it's b book and russian scam project
Grayson Campbell
>now that I'm using different software (CMC Markets currently)
Jayden Ross
You're right though, they are scammers, more or less. Takes a lot of effort to withdraw your money from them and they accuse you of group trading and insider information etc. I've read many forum posts about it happening to different people, that's why I don't use it anymore.
Matthew Foster
>Thing is: my target price was never reached Wait, you placed an order at one price, and then when it opened lower the next day, you're wondering why it was filled? Because that was a much better price than you were asking. What am I missing here?
Dylan Thompson
I'll try to explain it chronologically: 14:30-15:20 I place an order to sell Snap Inc. stock at 9.8 (previous day closing price) while market is closed 15:30 Market opens at 9.29 15:31 Order is executed at 9.8, I close the position at 9.35 resulting in profit
What I don't understand is how the order can be executed when there's a 6% difference between what I'm bidding and what the market value is. It shouldn't have executed because nobody is going to just throw away money so my order gets executed.
If I try the same thing using a limit order in another platform It just stays open and unexecuted, because the market isn't even near my asking/bidding price.
Imagine you want to buy a car for 1000 dollars, but all cars are sold for 1500 dollars. Then all of the sudden you've bought a car for your asking price, even though nobody should be selling a car for such at such a low price.
Samuel Rivera
I mean I'm not crazy: It shouldn't be possible to just look at premarket data, see a giant gap comming, put up an order to span the entire gap even though I know the market opens at a much lower or higher price than my target price, and expect it to get filled anyway?
Nathaniel Cruz
It must be an pre/after hours price. There were no days Snap both closed at $9.80 and opened (in the regular session) at $9.29 the next day. In fact, there's only one day it closed at $9.80, and that was 9/6. The next day, it opened at $9.75
