Etrade executes limit at market

[a529612]

Are they the only firm that executes a limit order at market if you place the limit above the current market price?

 

[brokerboy]

If you are buying at limit above the market price they might send it at market. If you are selling stock above market price it should not go off until it trades at that price or higher. So if it’s a limit sell that went wrong you should call them up.

 

[Bitstream]

Quote from a529612:

Are they the only firm that executes a limit order at market if you place the limit above the current market price?

u cannot get a worse price then that at mkt if u lmt order is outside bid/ask and there's enough size available to accommodate u order....for da propose of gettin' filled at a price above mkt [in case u buy] u shud use stp orders or lmt if touched....if that was u intention anyways.

 

[alanm]

A limit buy order above the current offer is "marketable" and, for most purposes, is the same as a market order.

I almost never use market orders, preferring limit orders instead in case something unusual happens with the market or the order. I don't expect to get filled at a price better than the offer for a marketable buy order unless routed to the NYSE, in which case I usually will get the next print, assuming there is not a lot of other buying interest.