Quick Question

This is a discussion on Quick Question within the Spread Betting & CFDs forums, part of the Commercial category; Suppose a market is 83 bid and I put a limit order in to sell at 82... In a real ...

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Old Jun 2, 2008, 7:48am   #1
 
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Quick Question

Suppose a market is 83 bid and I put a limit order in to sell at 82... In a real market then this order would be filled at 83 - with a spread betting account am I right in thinking it would be filled at 82?

This morning I be mostly shorting bradford and bingley
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Old Jun 2, 2008, 8:26am   #2
 
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Not sure about your question as have no dealings with the real market.
As for SB, you'd be filled at the price you put it to be filled at, sometimes worse if a gap appears or you get slippage. Best check with the particular company in mention.


I also see you've been doing some homework at the weekend. You've obviously seen the same reports on B&B as me. profit warnings all the way, may shake up the banking sector again.
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Old Jun 2, 2008, 8:34am   #3
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Originally Posted by arabianights View Post
This morning I be mostly shorting bradford and bingley
You don't wanna do that arabianights, with the big investment from a leading U.S. private equity giant, you wanna go long, that's what you wanna do!
Tim.
(I own B&B windfall shares - shoulda sold 'em yonks ago )
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Old Jun 2, 2008, 10:01am   #4
 
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arabianights started this thread Heh, never got close with my limit sell of 82 and an opening in the low 70s iirc

Lee I dunno how I could be filled at a price worse than my limit order, surely it just wouldn't be filled? I'm more concerned about not being filled at the correct market price.
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Old Jun 2, 2008, 10:29am   #5
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Originally Posted by arabianights View Post
Heh, never got close with my limit sell of 82 and an opening in the low 70s iirc

Lee I dunno how I could be filled at a price worse than my limit order, surely it just wouldn't be filled? I'm more concerned about not being filled at the correct market price.
If the price is currently at 85 and you put in a sell order at 83, then your order will be filled at 83 or lower. If you put in a sell at 90, your order will be filled at 90 or higher.
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Old Jun 2, 2008, 10:50am   #6
 
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arabianights started this thread How can it be filled at lower than 83?
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Old Jun 2, 2008, 11:00am   #7
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Originally Posted by arabianights View Post
How can it be filled at lower than 83?
You are telling the dealer (well, system) that you want to sell, but not until the price has fallen to 83. In a fast moving market, you colud be filled at 82/81, or the instrument could open at 70 - that will be the price you are filled at.

THis is ordinary orders, not guaranteed.
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Old Jun 2, 2008, 11:14am   #8
 
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Originally Posted by ae589 View Post
You are telling the dealer (well, system) that you want to sell, but not until the price has fallen to 83. In a fast moving market, you colud be filled at 82/81, or the instrument could open at 70 - that will be the price you are filled at.

THis is ordinary orders, not guaranteed.
No I'm not.

With a limit order I'm saying fill me at this price or better.

My question is whether the "or better" exists with spread betting companies.
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Old Jun 2, 2008, 11:38am   #9
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My question is whether the "or better" exists with spread betting companies.
Not to my knowledge.
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Old Jun 2, 2008, 12:36pm   #10
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No I'm not.

With a limit order I'm saying fill me at this price or better.

My question is whether the "or better" exists with spread betting companies.
May depend on the firm, but with the decent ones you'll get filled at 83, as long as the size is there.
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Old Jun 2, 2008, 1:16pm   #11
 
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Originally Posted by arabianights View Post
In a real market then this order would be filled at 83
In a real market, you can specify the maximum number of ticks over which you want your order to be filled and can specify whether to simply leave any remainder on the offer or just execute against what's there and then cancel the balance. Quite useful for illiquid markets. If you were trying to do a fair size, you could say sell me X amount at 83, but with a maximum slippage of 2 ticks. You might then get short 50% at 83, 20% at 82.5, 10% at 82 and be left with 20% unexecuted which you can specify to either be offered or cancelled completely.
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Old Jun 2, 2008, 1:28pm   #12
 
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In a real market, you can specify the maximum number of ticks over which you want your order to be filled and can specify whether to simply leave any remainder on the offer or just execute against what's there and then cancel the balance. Quite useful for illiquid markets. If you were trying to do a fair size, you could say sell me X amount at 83, but with a maximum slippage of 2 ticks. You might then get short 50% at 83, 20% at 82.5, 10% at 82 and be left with 20% unexecuted which you can specify to either be offered or cancelled completely.
I know that old chap... Actually every single one of my trades today I've only been partly filled due to my rather cowardly trading style

And for example I have an offer in at the moment for 150 lots that I will accept if it's filled but don't intend it to be - it's one back from the market on a rather large order and there to pick up ten or fifteen lots at most from an accidental order. So if that accidentall order doesn't happen then if it gets close to the market then I will pull or resize.

See what I mean about cowardly

But I've no access to real equities so had to go through a bookie - but didn't want to try to sell it at 75, it open at 80 and yet the bookie fill me at 75. Which for all I knew they could do... so I didn't manage any shorting of b & b today.
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Old Jun 2, 2008, 1:45pm   #13
 
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Originally Posted by arabianights View Post
I know that old chap... Actually every single one of my trades today I've only been partly filled due to my rather cowardly trading style

And for example I have an offer in at the moment for 150 lots that I will accept if it's filled but don't intend it to be - it's one back from the market on a rather large order and there to pick up ten or fifteen lots at most from an accidental order. So if that accidentall order doesn't happen then if it gets close to the market then I will pull or resize.

See what I mean about cowardly

But I've no access to real equities so had to go through a bookie - but didn't want to try to sell it at 75, it open at 80 and yet the bookie fill me at 75. Which for all I knew they could do... so I didn't manage any shorting of b & b today.
Bloody partial fills - get the smallest portion for hardly any reward, then get steamrollered for the blance!

Think what I was trying to say (but not sure if it's what you were asking) is that if you wanted to be short on a stop limit from 83 and ONLY 83, you could set up a sell stop with 0 tick slippage. But of course, if the market makers open, as they did, much lower you won't get filled.

Be interesting to see what happens with the rights issue now - will have to be re-priced, so where do the shares become too cheap? If TPG are paying 55p or so, surely the rights will have to be around there? There may be some chances to short it still.
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