Nasdaq...Beware You May Get Stuck

[Zee09]

Nasdaq’s order canceling regulations:

Requests to cancel regular hours orders placed between 9:25 AM ET and 9:30 AM ET (both Good-for-Day and Good-til-Canceled) for Nasdaq-listed stocks will be held in a pending state until after the opening cross occurs for the stock. Typically, the opening cross occurs at 9:30 AM ET.

This means that if you place a regular hours order in a Nasdaq-listed security prior to 9:25 AM ET, and then try to cancel the order between 9:25 AM ET and when the stock officially opens for trading (generally 9:30 AM ET), your cancel request will remain pending until the stock opens for trading. It won’t cancel immediately

 

[danez_yoda]

Thats the risk you take for trading when the market is not open.

 

[ATex7239]

When the plane is on the runway you can’t get off it either...

 

[PandaBear]

Why would someone do an order then cancel right away?

Wait, I remember the big investment firms do this to bait for orders then cancel and change prices faster than they can react. Hmm.... yeah that's their problem if this is not allowed.

 

[KneeGrinder]

Occasionally some stocks may take a minute or 2 before they actually start to trade for the day. Its not the Company, it's the Market maker that has some technical delay or "Other" reason. Most stocks can trade after or before hours if your account has been approved for such trading.

This is something new? I cancel orders all the time, but they are during normal trading hours.

Sometimes a stock will be halted for some un determined time, for some un determined reason. It happened to 1 of my stocks last week.

 

[KneeGrinder]

Why would someone do an order then cancel right away?

Wait, I remember the big investment firms do this to bait for orders then cancel and change prices faster than they can react. Hmm.... yeah that's their problem if this is not allowed.

When you pay for "Real" time quotes, you will see big ghost orders for 10's or 100's of thousands of shares pop up for a nano second and then go away even when they hit the strike price you just saw them at. Big computers play Big games in micro seconds.

Now as far as normal people like me, I have made mistakes before! I have bought when I was intending to sell, but I was moving to fast so I just turned right around and sold the stock at no loss since I do not pay any commission per trade. No harm no foul.

As to the largest reason someone will cancel an order, when you are chasing a stock that your trying to sell/buy but it keeps going up/down every time you go to send the order or after you have already sent it. I actually do it alot!