Odd-Lot orders NOT wanted!!

Excuse me for asking the obvious, but being new to this I want to make sure I'm not missing something.


I used to trade in 100 lots, but when the market slowed I started buying 25 shares at a time... So that's against market rules????

I want to operate by following the rules, but wow, for a new person, it's nice to experiment with smaller investments.



:confused:

Thanks
Kris
 
Quote from Strategery:

It's a legacy issue on the NYSE/AMEX. They have a shitty old system that fills odd lots on the last print instead of the bid for sells and the ask for buys. People take advantage of this in fast markets when the quotes are locked and enter hundreds of orders (BUY 99 MKT, BUY 99 MKT, etc) and get fills that they don't deserve. NYSE member firms know that the market surveillance people are so stupid that they can pretty much go after you for anything and win, they are probably sending everyone an email. What blows is that even if you send the order to an ECN, they are paranoid as well because they may have to route the order to the NYSE, hell they are probably flagging OTC stock odd lots too.
There are rumors of the rule going away, but this may not happen until the NYSE implements their CCG (common customer gateway) which probably wont happen till 2008.
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The system gives fills at the last print, or the last odd lot print? If a market is 33.01 - 33.04 and the last print is 33.02, what is so special about getting 33.02? This is not an antagonistic post. Just trying to get to the heart of the matter. Can you provide an example of one of these trades when it works?
 
Odd lots piss me off.They shouldnt be allowed.And IB and other brokers shouldnt be allowed to sell odd lots out of their clients accounts to satisfy margin calls.:mad:
 
Quote from nonam:

Odd lots piss me off.They shouldnt be allowed.
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Hell yeah. If you can't afford $362,875 of Berkshire Hathaway, you shouldn't be trading. Fucking odd lot pikers.

Martin
 
For an order size of 100, what's the most it's been chopped into?

For me
80 and 20, which was annoying, because I paid two trading fees I guess, but then I learned to click all or nothing. Doesn't that prevent odd lots?

I orderd 25 of something the other day and got
20 and 5.
 
for pete's sake

you were trading OIH

oil industry HOLDERS

go to the website and research the HOLDERS etf's

they are supposed to only trade in 100 share increments.
 
Quote from Sparohok:

Hell yeah. If you can't afford $362,875 of Berkshire Hathaway, you shouldn't be trading. Fucking odd lot pikers.

Martin
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Btw, berkshire trades on 10 share lots...


anyone knows at what price stocks stop trading on 100 share lots and move to 10?
 
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