Question on a pinkie SELL order.
I am required to place the order with a limit amount.
I place the limit amount and send the order.
Will the stock be sold at the limit amount even if the price per share is higher than the limit amount at the time the order is processed? Or will they give me the market price at the time they receive the transaction?
Eg. I send in an order with a limit price of .65 and, subsequently, before they can process my order, the price per share climbs above that to .80. Do I get the sell at the market price?
Furthermore, what if my order is to sell a million shares and they have available 700,000 shares at my limit price, will they complete the sell order for the 700,000 shares, leaving me with 300,000 unsold shares?
If that is the case, that I am left with 300,000 shares, is there a way to immediately process those remaining shares into a sell without having to resubmit another sell order?
I assume that I am in competition with other investors' orders which will affect the timing of the processing of my order, correct? I mean, I am, in effect, "waiting in line" behind others who have placed orders ahead of me.
So is there a way to circumvent the MM's ordering process and keep my "place in line" so that I can sell the remaining balance (the 300,000 as an example above), thus enabling me to get a preferred price?
For example, the price goes to .80 and they sell 700,000 of my shares, leaving a balance of 300,000 shares not sold because price fell to .62, which is below my limit order. But what if I wanted to sell the 300,000 at the current market, ie now the .62? Can I have that order immediatley placed, without having to wait behind other orders ahead of me? If so, how is that done?
