Replies to post #30552 on TheDirectory.com Inc (SEEK)

[wer123]

As with all sub pennys, only place limit orders. That way you won't get shaken out when mm try to trigger stops. An order is paid when it is executed, not when it is placed. As for a sell stop price, I set a high enough price that it doesn't get executed by accident. Set it high enough and I personally set that one as "good till cancelled". So if the price hits your trigger, you will already be in line. In theory, first placed, first executed. But again, sub's are like the wild west.

[Farrago]

Yes, set a limit order. A market order buys or sells at the current market price, therefore you can't set the price.

For length - different brokerages are different, some let you place a "good-til-complete" (GTC) order that stays active indefinitely. Some brokerages have GTC orders that only stay open for a set number of days (30, 60, etc.) Other orders are for the current market day only.

For price, yes...that is what a limit order does. It does not execute the order under that amount triggers the execution. www.investopedia.com or wikipedia or a lot of other places will explain that in full, but you're tracking on everything.

The reason there's reference to setting your sell order high right now is that legally shares that are "held" or "locked" against a pending order cannot be "borrowed" as short shares. Don't know that it actually does much since there's very little regulation between legal shorting and naking shorting and it's almost impossible to pinpoint shares that are borrowed during shorting, etc...but, if you were wondering where that came from, you can read up on shorting, naked shorting, and how in pennyland market makers can vastly manipulate stocks. So in theory, if you "lock" your shares with a sell order, it should help prevent in some small way the daily manipulation that goes on.