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Hey I'm new to stocks and trying to figure out this limit order thing...I'm wanting to buy CRJI at .60 cents a share off of Etrade, and it won't let me do it on the PRICE TYPE: MARKET, but it will on LIMIT. I'm trying to figure what this is. Somebody please help me. Give me an example of what I should put as a LIMIT PRICE and what is that....PLEASE!!!!!!
The reason why you can't enter a "market" order is that it's a penny stock. On e*trade you may even have to call them directly to buy pink sheet stocks and the likes. It's a FED regulation. You will see an error message in red if it's the case.
Now a "limit order" is the maximum price you want to pay for it. So if you are not willing to pay more than .60, enter 0.60. If you want to make sure your order is executed quickely enter a limit price higher than the last trade. eg: 0.65. If you limit order is too low it will never be executed.
Sometimes e*trade process your order under your limit price if you are lucky but always assume that it will be price you will be paying at the end.
Limit Order Question
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