How Can I Buy the bid/Sell the ask?

This is a discussion on How Can I Buy the bid/Sell the ask? within the Discretionary Trading forums, part of the Methods category; Hi folks, Simple question here, but I'm trying to buy the bid/sell the ask without success. I'm trading equities using ...

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Old Feb 13, 2009, 3:06am   #1
 
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How Can I Buy the bid/Sell the ask?

Hi folks,

Simple question here, but I'm trying to buy the bid/sell the ask without success. I'm trading equities using Sterling Trader Pro, they have a function where the Buy price is automatically adjusted to the bid, same for Selling and the ask. I just select Buy -> Bid, and click to Buy.

The limit order for a trade at the Buy goes through, but I never get filled. So at the moment I'm using market orders to both exit and enter trades which makes it harder to trade intraday and encourages my impatience.

At the same time however if I could buy at the bid and sell at the ask all the time, especially in slow markets, surely it would be fairly easy to pick off profits in which case everyone would be doing it. I trade Citibank, high volume with a small spread if that makes a difference.

Is it normal then for limit orders at the bid/ask never to go though, and how can I really buy at the bid/sell at the ask?

Thanks,
Jeremy

Last edited by jeremymgp; Feb 13, 2009 at 3:12am.
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Old Feb 13, 2009, 9:21am   #2
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Well the thing with limit orders is you can't FORCE people to deal with you at that price.

But if you're saying you absolutely absolutely never ever get filled on the bid / offer then I find that odd.

That means every time you enter a bid, the market never trades a bean lower? Cmon - no way.

And you know what - if that did happen, for some magical mystical reason (and believe me, we're talking pure fantasy here), all you would need to do to have a cast iron money making scheme is just open another account, pay the offer on it, then sit on the bid in your 'magic' account and use the force to push the price up.

So something isn't right in this equation. You just need to figure out what it is.

GJ
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Old Feb 13, 2009, 9:34am   #3
 
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Thats called market making.

Risk though cos you may buy at the bid but the seller may have millions to go so the bid may become the offer
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Old Feb 13, 2009, 9:35am   #4
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Yup. That's why I find it odd that the guy's never managed it.
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Old Feb 13, 2009, 10:26am   #5
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i would also like to buy the bid and sell the offer. if someone finds a way to do this 100% of the time i will pay them handsomely.
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Old Feb 13, 2009, 11:00am   #6
 
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Thanks! The following members like this post: pelzar
Old Feb 13, 2009, 11:17am   #7
Joined Sep 2004
I'm 1 bid.

Goose - go 1998 bid ahead and I bet you get filled. Got to pay me handsomely for that tip though. Oh, and if you go 2 offered afterwards I'll make sure you get lifted on the offer as well mate.

Can't say fairer than that can I?

GJ
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