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| *Ostroff, Fair and Company>>>Investing |
When I place a limit order is it available for the public to see? |
Or is it just me and the broker that know about it? Yes ... people who pay to have the level 2 and higher quote systems can see how many shares will be purchased or sold at a specific price... they dont see your name but they see the order... It can be useful to traders to know if there is support for a stock at a certain price.. such as if company x is falling and i know there is a standing order to buy a significant number of shares at a specific price i can get a better feel for how low the stock will go. Why would you care? The price you enter on your limit order is not going to determine whether the price of the stock goes up or down on the open session anyway. No one can see your limit order. For that matter, no one knows about any of your orders. Your broker is the only one that knows. He is suppose to execute the limit order as close to it as he can get. the order is visible to anyone who has access to the 'level 2' order quotation system, as I understand it. that is usually the market makers, but some systems make order books available to traders, too. |
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