I've tried a few times to enter a trade where a rally was expected at market opening using a stop limit order but I keep getting my stop limit orders rejected. Anything to have a better chance to enter a fast rally? Could it be that my broker's platform is also contributing (e.g. not fast enough) to my orders being rejected? Thanks nt
I always place a buy price higher than the stop price, what else can I do to have a better change to enter the trade? Not a much experienced trader so any suggestion/advice is more than welcome nt
Find a better platform. https://www.lightspeed.com/trading-platforms/lightspeed-trader/platform-features/ We need $25K USD to start. For a day trader, $30K makes more sense.
@Robert Morse, thank you for your suggestion. Would placing an order with a larger spread between stop price and buy price help? How large would a reasonable spread be to hope entering a trade? nt
btw, today I tried entering AFFIMED at markets opening. Placed a stop price of $1,75 (5% above prev day close price), with a buy price another 4% above. Tried buying a small number of stocks (600), to again have a better chance (at least in my head) of entering. Result = stop limit order rejected Is there something I'm doing wrong or I'm not getting? Thanks nt
You have to ask your broker. WIth us, all pre-market orders are live, so sending stop orders pre-market requires changing the order to not be live pre-market. Maybe your broker does not allow pre-market stops.
It was a standard market order, not a pre-market order. I'm not currently interested in extended hours trading. btw @Robert Morse, I was not asking if I'm doing something wrong when entering an order on my broker's platform but if I'm not getting something about what an effective entrance strategy could be for entering a stock which experienced a rally such as AFFIMED today nt