I have top tier accounts with both Fidelity and TDAmeritrade, and if I had to pick a way to unload 20k of an illiquid issue, I'd probably do it with a "worked" limit order via TDAmeritrade. I do this frequently, but I have a big account, and might get better service as a result. Fidelity will CRUCIFY you with the commissions for a 20k trade, guaranteed. IMO, the 200 share at a time limit order may get hit a few times and then become resistance when people see it just "stays" there. I wonder if one of the fancy platforms can do a "keep 200 on the ask 1 cent above the bid, total 20,000 shares until all sold, min price $5.00" or something to that effect? Perhaps IB or tradestation can do that. I get the impression you haven't got the dollars for a top tier account if you are trying to find ways to do it for free. I'm also one of those who thinks the whole thing sounds completely foolhardy from a strategic standpoint if you actually plan to do as you said, buying on Monday and selling on Friday the same stocks over and over. what are you going to do the week it drops 10% in between?
He claims to be a financial analyst, the regulatory issues alone are enough to choke a cow, he's blowing smoke
Um, an order like that would be picked up on by me and many other daytraders so quickly that it would effectively be robbery... Id just keep hitting every bid until the 200 share ECNs stopped chasing me down... and when the order finally got filled the stock would spread up 30 cents and I'd go market to cover BUT I'd be 2 points in the money so it wouldn't really matter. That would be bringing back bullets and stepping shorts all over again! Viva 2003!