jordanpothier

@MichaelGoode Hey Michael, maybe you can answer a question for me? I am not sure if it is the platform I am using (thinkorswim) or if its something I did wrong but I tried buying 1k/shares of $KCPC and i received a message saying "REJECTED: Clients are unable to place a Market Order on an Opening Transaction for OTCBBN securities. BUY +1000 KCPC MKT". I have never received a message like this and not sure why or what that means besides the obvious. Can you explain?

Received 1 Karma
MichaelGoode
1
MichaelGoode Mar 15, 18 11:33 AM

First, I recommend against ever using a market order, but if you do use them only use them for very liquid stocks that are not volatile. Your broker is protecting you from getting a horrid execution by preventing you using a market order on an OTC stock like $KCPC. Next time, just use a limit order and if you want to have a greater chance of it getting filled, place it a bit above the best offer

ProfitMe
ProfitMe Mar 16, 18 12:12 AM

Hey Michael, are you ever using Stop Limits or just Limits?

MichaelGoode
1
MichaelGoode Mar 18, 18 9:17 PM

When I do use stop losses I usually use trailing stops or I use stop limit orders (and set the limit far enough below the stop trigger price that I'm almost guaranteed a fill). I avoid ever using market orders

ProfitMe
ProfitMe Mar 18, 18 10:41 PM

Awesome, thank you very much.

Join now or log in to leave a comment