Sometimes, Sometimes not. Sometimes I change the order. Most times I just kill the order for the day. Sometimes I change my order from the ask to something just higher than the bid.
I don't tend to buy shares while the stock price is moving up, so killing an order isn't a big deal.
I've also noticed most of the time the market maker hides my orders. If I put in a bid higher than the current bid, it doesn't show up. If I put in a sell order lower than the ask (but higher than the bid, it may not show up or execute.
I think this is mostly a problem when there are not enough market makers on the stock to compete against each other. There are lots of times I am buying shares in a company whose stock may not trade much or every day even. It's easy to see what happens to my orders.
It was early this year when I encountered trying to buy shares at the ask. There were more than enough shares at the ask to cover my order (30,000 shares out of 35,000). After my order sat there for 10 minutes without executing, I contacted a Schwab rep. That's when I found out that a market maker doesn't have to sell. The rep did get my order executed. Since then I don't leave orders open too long. I give market makers a limited amount of time to fill the order or not.
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