AIM order not being filled?

[Combo]

I have been trying all afternoon to buy some shares in a penny stock on AIM without any luck.

Currently it looks like: -

• Bid is 1.05 and Offer 1.20p.
• Volume today has been approx. 330,000.
• Typical buying volumes of 20,000 to 83,000.
• Typical buying prices of 1.125p to 1.188p

I have been trying to buy approx. 220,000 shares and started the day with a limit order of 1.13p, then 1.183p, then 1.188p, then just gave up trying to get a good deal and increased the limit to 1.20p (full ask). It's been almost an hour and it still hasn't been filled.

Any tips? I'm thinking I can split the order into smaller (e.g. 2x110,000) buys and pay commission twice, or put in a market order (worried about getting ripped off), or just try again tomorrow?

Market closes soon so any advice would be much appreciated. Thanks...

 

[DionysusToast]

Well - let's hope the MMs don't read your post here...

 

[Combo]

Market closed, couldn't pick up a single freaking share

 

[wackypete2]

Your first problem is trying to buy nearly 10x the average volume all in one fell swoop.

With such a thinly traded penny stock you are most likely dealing with the Market Maker due to little or no matching orders coming in between the bid & ask. The MM isn't going to give you a better price than he lists from his own book so you are stuck buying or selling at his price. If you enter a market order for 220,000 shares you are going to get filled at average price way above the offer.

Peter

 

[Combo]

wackypete, sounds reasonable. I will try talking to the broker about letting me break it up into several smaller purchases without paying multiple commissions...

I just ordered an L2 service which will hopefully help for tomorrow. I figure it will probably pay for itself on this purchase alone.