Setting a market order before or just as market opens automatically

This is a discussion on Setting a market order before or just as market opens automatically within the First Steps forums, part of the Reception category; I am a new trader and currently after my second stock pick, Freelancer.com. I just recently missed out on the ...

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Old Nov 10, 2013, 12:39pm   #1
 
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Setting a market order before or just as market opens automatically

I am a new trader and currently after my second stock pick, Freelancer.com. I just recently missed out on the IPO as I was unable to get my application for stock paid in time as I had to send a cheque (was not able to use their BPAY system as a UK resident).

Anyway I am still interested in purchasing the stock the moment it hits the market (Australian Securities Exchange) on Thursday. Now I am using Barclays International Trader to trade, and would like to buy this stock as close to the IPO price as possible obviously, therefore is it possible to set a market order to buy at any price the moment the market opens, between the IPO price (0.50AUD) and a maximum of $1 (AUD) per share.

I say could I do this 'automatically' as with there being such a big time difference I might not even be awake when they open. If not then I'll just stay up and put in an order asap as it opens.

Last edited by ChartersJ; Nov 10, 2013 at 12:40pm.
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Old Nov 10, 2013, 3:35pm   #2
 
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therefore is it possible to set a market order to buy at any price the moment the market opens, between the IPO price (0.50AUD) and a maximum of $1 (AUD) per share.
typically you will only be able to set a buy stop order within a certain tolerance of its current price if the market opens above you should be filled. This I find depends on your broker and therefore what Barclays International trader will allow ( however this will likely be late and you will incur slippage and almost certainly detrimental to had you waited and and entered manually).
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Old Nov 10, 2013, 5:29pm   #3
 
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Originally Posted by malaguti View Post
typically you will only be able to set a buy stop order within a certain tolerance of its current price if the market opens above you should be filled. This I find depends on your broker and therefore what Barclays International trader will allow ( however this will likely be late and you will incur slippage and almost certainly detrimental to had you waited and and entered manually).
I'll be honest, I am a little confused at your reply. I found that the market over there is open at 11pm here so that's fine with me, so if needed I can do a market order while up and ready. A 'buy stop limit' appears to be what I want after some research.
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