Is this a dangerous Play

Discussion in 'Trading' started by ProgrammerGuy, Sep 22, 2007.

  1. What I would like to do is place a buy limit order say 1% below yesterday's close. The order will be placed BEFORE the open say @ 9:00 est.

    Here is what I fear... tell me if this could be a logical concern. Say the price opens up at the yesterday close. I don't get filled... no problem. However say that the price will open up 1.5% below the close. If I don't get filled, during the pre market, I'll get it at the opening price , (1.5% below the close), but what I'm fearing is that some insider will know that the price will open below 1.5% and hit my bid at 1% below during the pre market and will buy it back at the open (1.5%) below

  2. cszulc


    The broker shouldn't put it on the book until a few minutes before the open. It should be queued up with others and placed before it opens. Unless you specifically tell the broker to place it in the morning, it should be executed at the opening price.
  3. the thing is I'm running some automated software, and there is no optiion for "execute during market hours only" as soon as I place the order the order becomes LIVE