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It seems like anything except day traders should have no problem with market orders, then... 95% of the time I'm expecting to keep a position for months to year
by frisco 10y ago
It seems like anything except day traders should have no problem with market orders, then... 95% of the time I'm expecting to keep a position for months to years, and I really don't care +/- 5% on the day I enter the position. Grandparent made it sound like there was some deeper flaw with market orders that had been moved past with something new and I was a little confused.
- dragonwriter 10y agoIf you don't care about +/-5% but do care about wider swings, you should be issuing a limit order 5% on the unfavorable side of the current bid or ask (if you are selling or buying, respectively) rather than a market order. You should almost never use market orders, and (as your own justification does) most uses of them bake in assumptions about the likely movement of the market that can be more guaranteed, rather than hoped for probabilistically, with an appropriate limit order.