What can happen if...

deepinwonder · 08-02-2005, 11:00 AM

...you use market orders instead of limit orders. Someone unfortunately paid $1000 per share for DO, first thing this morning. I don't know what is going to happen to that person or if it's some kind of mistake, but I've seen it before and often see people paying $1-$2 more per share than they have to. I did that once, myself.

If you're with a broker who won't let you use limits, upgrade your account or switch. Cramer keeps telling us that, listen!!

xboilermaker · 08-13-2005, 12:51 PM

Not the smartest investor, but that is one area where I have always listened to Cramer, after getting burned a few times over four years, not even realizing how to apply limit orders. Thanks Cramer!

I broke this rule and lucked out yesterday. Cramer's tech rally has been passing me by, and after reading a Robert Walberg article in MSN Money's Street Patrol, and doing more research on CSCO, decided at 3:58 that I must have now, to get in on the pullback. Luck was with me and it didn't spike. Got it at 2 cents under the week ending Aug. 11,2003. Don't mean to make a habit of rolling the dice in that context, just a compulsion of the moment, since I had been waiting to buy for weeks.

dog · 08-15-2005, 02:06 PM

Ouch! $1000?!?! Wow! What is it trading at now?

optimus25 · 08-17-2005, 01:14 PM

For speculation I would definitely use limit orders. It saved me from getting into Baidu.com (BIDU) at $70 when it hit the secondary markets after the IPO. Oh wait...I could of made a ton of money. Aside from this example you truly can get burned if you use market orders. I only use those orders for my long term portfolio after I've watched the stock for a couple of months.

08-02-2005, 11:00 AM	#1
deepinwonder forum leader Join Date: Jul 2005 Location: nc Posts: 1,183	What can happen if... ...you use market orders instead of limit orders. Someone unfortunately paid $1000 per share for DO, first thing this morning. I don't know what is going to happen to that person or if it's some kind of mistake, but I've seen it before and often see people paying $1-$2 more per share than they have to. I did that once, myself. If you're with a broker who won't let you use limits, upgrade your account or switch. Cramer keeps telling us that, listen!!

08-17-2005, 01:14 PM	#4
optimus25 forum leader Join Date: Aug 2005 Location: Orange County, CA Posts: 1,801	For speculation I would definitely use limit orders. It saved me from getting into Baidu.com (BIDU) at $70 when it hit the secondary markets after the IPO. Oh wait...I could of made a ton of money. Aside from this example you truly can get burned if you use market orders. I only use those orders for my long term portfolio after I've watched the stock for a couple of months. __________________ "Face your deficiencies and acknowledge them. But do not let them master you." Helen Keller "The man who can drive himself further once the effort gets painful is the man who will win." Roger Bannister My online trading Journal: http://stockmarketaddict.blogspot.com

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08-13-2005, 12:51 PM	#2
xboilermaker valued contributor weekly challenge winner 2x Join Date: Aug 2005 Location: Rincon, Puerto Rico Posts: 612	Not the smartest investor, but that is one area where I have always listened to Cramer, after getting burned a few times over four years, not even realizing how to apply limit orders. Thanks Cramer! I broke this rule and lucked out yesterday. Cramer's tech rally has been passing me by, and after reading a Robert Walberg article in MSN Money's Street Patrol, and doing more research on CSCO, decided at 3:58 that I must have now, to get in on the pullback. Luck was with me and it didn't spike. Got it at 2 cents under the week ending Aug. 11,2003. Don't mean to make a habit of rolling the dice in that context, just a compulsion of the moment, since I had been waiting to buy for weeks.

08-15-2005, 02:06 PM	#3
dog valued contributor Join Date: Jul 2005 Posts: 88	Ouch! $1000?!?! Wow! What is it trading at now?