How Can I Buy the bid/Sell the ask?

[jeremymgp]

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

 

[foredog]

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

 

[gooseman]

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.

 

[foredog]

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[gooseman]

ooooooh, you're a tricky one aren;t you......

 

[new_trader]

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.

I will pay more if someone can tell me how I can move my entry price. Surely there must be a way so that if I get the direction wrong I can just move it!

 

[foredog]

Hedge....

buy and sell the same thing at the same time in different accounts ...you'll never lose



or maybe

never win??????????

 

[jeremymgp]

Thanks for the help folks, I'm brand new to equities and after trading futures off the DOM with one-click OCO orders I need to get used to all this.

So far I've absolutely never been filled when I enter a buy the bid/sell the ask order even if the price touches the limit several times, I've tried maybe 20 times. Indeed any kind of limit order seems not to be going through, so as GammaJammer says I need to figure out what it is. I'll contact people, see what they say, and in the mean time will buy a 12-month subscription for foredog's course and make sure to refer all my trading buddies

Thanks,
Jeremy

 

[Citizen2007]

Not quite sure, but i heard the Bloomberg system allows you something that may come close to it. I know they have data that reduces your forex to 1 pip thus making scalping quite possible.

 

[everyonerich]

I will pay more if someone can tell me how I can move my entry price. Surely there must be a way so that if I get the direction wrong I can just move it!

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.

similar discussion here? http://www.trade2win.com/boards/first-steps/8553-arbitage-betting.html

 

[arabianights]

I'm £1 bid.

500 yours

I'm 10p bid for 500.

 

[new_trader]

Thanks for the help folks, I'm brand new to equities and after trading futures off the DOM with one-click OCO orders I need to get used to all this.

So far I've absolutely never been filled when I enter a buy the bid/sell the ask order even if the price touches the limit several times, I've tried maybe 20 times. Indeed any kind of limit order seems not to be going through, so as GammaJammer says I need to figure out what it is. I'll contact people, see what they say, and in the mean time will buy a 12-month subscription for foredog's course and make sure to refer all my trading buddies

Thanks,
Jeremy

Touching your limit price is no good, you won't get filled, so there is nothing wrong with your system. The market has to go THROUGH your limit price to be filled. If you want to be filled on a touch you must use MIT (Market if touched) orders, assuming your broker has these.

 

[MrGecko]

Touching your limit price is no good, you won't get filled, so there is nothing wrong with your system. The market has to go THROUGH your limit price to be filled. If you want to be filled on a touch you must use MIT (Market if touched) orders, assuming your broker has these.

Not necessarily - and anyhow, if the only way to get a fill is by the market going through your bid, why not just lift the offer a tick lower??

 

[tar]

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

"your impatience " do u mean u cancel the orders if they r not taken ? on such a stock u should to wait because there is many traders infront of u on the line , u should to wait your turn . But if u saw the price goes through your orders price without being filled , then there is something wrong ! Did u tried another stocks with wider spread u can put more favorable offer price and your orders will be taken if your targeted price is touched ...

 

[gooseman]

500 yours

I'm 10p bid for 500.

20p bid 500. dimed ya fecka.

 

[arabianights]

20p bid 500. dimed ya fecka.

have em

10p bid 1000

 

[-- Darth Trader --]

Let's see.
If you place a buy order at the current bid price, your order will be QUEUED at that price level - you'll have to wait for existing orders at that level to get filled before yours is.
If you want to be sure of being first in line, then you must raise your bid a single penny above the existing bid price, therefore becoming the best bid.

 

[-- Darth Trader --]

Touching your limit price is no good, you won't get filled, so there is nothing wrong with your system. The market has to go THROUGH your limit price to be filled.

That's completely false. Your order will get filled as soon as someone hits your bid AND there aren't other buyers at your bid price level who had placed their orders before you did. Same on the ask side.

If you want to be filled on a touch you must use MIT (Market if touched) orders, assuming your broker has these.

Continuous usage of market orders is the quickest way to the poor house. Doing that is sorta saying "I'm smarter than you, market maker, I know the stock is going up/down and you don't, so I'll buy or sell from you, stupid!".