Limit orders, OTC, profits, unicorn horns.. I r
Post# of 1023
I really enjoy these SCIE boards because people engage with each other; very nice. I'd like to touch on some things concerning limit orders..
First, the reason I constantly say 'Not investment advice' is for times such as this. Someone had asked about 'not being able to place a limit order on stocks less than $10.' Seeing my posts are not investment advice, I welcome counter arguments, questions, and statements because it helps me learn as well.
For OTC stocks, 99% of my sells utilize limit orders and ill explain a little better in a moment. There are two very common misconceptions when it comes to the OTC:
1. That you cant trade after hours in the OTC
and
2. That you cant use Limit Orders in the OTC
Both are incorrect.
1.
From OTCMarkets.com:
Quote:
The majority of quoting and trading occurs between the open market hours of 9:30 AM to 4:00 PM. Trading in OTCQX, OTCQB and OTC Pink securities may take place Monday-Friday from 6:00 AM to 5:00 PM. However, market participants are free to quote and trade at any time as long as they comply with current regulations
http://www.otcmarkets.com/learn/otc101-faq
Quote:http://www.investopedia.com/ask/answers/11041...-hours.asp
Penny stocks can be traded after hours. In fact, many of the largest market movements, both on the national public exchanges and on penny stock exchanges, happen after hours.
2.
I definitely know Limit Orders can be used in the OTC because I use them all the time. But because my saying I do isn't exactly 'DD', here's some links:
Quote:
Investor Defines the Order – Investors define the order they wish the broker-dealer to execute. There are two main order types: the Limit Order and the Market Order.
Limit Orders allow investors to specify the exact price they are willing to accept for a buy or sell order. While Limit Orders are designed to offer more price protection for investors, a Limit Order may not be executed if the price of the security does not reach the price stated in the Limit Order
http://www.otcmarkets.com/learn/trading
Although this works very well for me, I highly recommend each investor tailor their strategies to their own requirements. True, limit orders may not execute if the share price doesnt reach your order limit, but there are ways around it. Many investors set limit orders to exact prices such as .25 cents. Which means, if SCIE went to .25 cents, the limit order would activate ONLY if the price reaches .25 cents or higher. But by setting the order to .245 or .249 cents, your order will activate before everyone else's order of .25 cents. NOT investment advice.
Simply put, a limit order indicates the highest price you're willing to pay for a security, or the lowest price you're willing to accept to sell a security. Whether it's NASDAQ or the OTC, limit orders will and do work (for me, do what you want). With regards to liquidity, that is one variable definitely needed to be taken into consideration in the OTC. The run up to .0092 showed me investor interest and I'm confident when I'm ready to sell, my orders will go through.
The great thing about investing is that everyone is free to buy and sell according to what works for them and I respect that.
Someone also made a good point concerning:
Quote:
Then again, who wants to log in and see that their sell order at .25 went through, just to find out that it went through because a buyout PR was put out and it hit .25 on it's way to $3.
I completely agree with this because who wouldn't want to sell for $3 compared to a measly .25 cents. But then again, the temptation of the possibility of 'more more more' is what makes many investors lose everything. This is why I stated I have a couple sell orders in place at different intervals; low price, medium price, and high price.
As an example, stock ASUV went from .003 to .10 cents recently in less than 2 months. Lots of profits could have been made there, and I'm sure many people did pull in $30,000 or more profits. But if you read the forum board, many people are saying how they should have sold and/or are convinced it will go back up. One guy even said hes shocked he made $75,000 per .05 cent increase; yet I don't believe he sold at .10 cents because he hasn't posted about his profits.
Obviously not judging others and I respect their decisions, but for myself, a $75,000 profit is plenty for me for a stock like ASUV. No one knows for sure if ASUV will ever go back up. Look at AVXL. I was in that one. It went from .36 cents to $1.99 in less than 5 months. Id say the majority of online forum people didn't sell. Well, a RS happened and the price hasn't recovered since November of last year. The point of investing for me is to make profit and then get the heck out of here. I don't want to be posting in online forums the rest of my life (even though many of you seem to be great people).
So what am I trying to say with this ridiculously long and boring post? I guess it would be 1. Limit orders do work if you know how to use them, 2. After hours does work in the OTC, and 3. the 'I'm not selling because what if the price goes higher' mind game is a very dangerous game in my opinion. With SCIE, I don't need to make a billion dollars. Just enough to reinvest it into other stocks. My DD, which includes tons of opinion, indicates to me that we will reach .25 cents and higher. Limit orders also help me from remaining invested too long. Some of my shares are reserved indefinitely and wont sell. But by placing a limit order, once it goes through, I no longer have to be stressed over 'should I sell?? should I sell?? should I hold?? BAHH!'
Not investment advice. Feel free to disagree.
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