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The other day I put in an day limit order to sell a block of shares. Within about 15 minutes 40 shares sold and 59 remained. It was only later in the day that the remaining 59 sold. Since I thought when I made the order it meant *sell 99 @ $x today* or do not sell them at all, it surprised me when a partial sell was executed. While the remaining shares did in fact sell later in the day and there was only one sell fee incurred, the thought occured to to me that it was possible they would not have and in order to attmept to sell off the block I might have been charged at least one extra sales fee. I'm thinking now that sell orders of a duration of *day* are not the thing to do, rather *GTC* would be the only way from here on out since that would insure that only 1 trade fee would be charged even if the whole sell process was to take place over a series of days. I now know that any sell order just means *sell as many shares as you can* at a given price vs *sell all or none* so keeping the order open beyond 1 day in order to insure that process seems the way to go. Anything I'm missing with this situation? BTW, I'd assume the same applies to buy orders as well.
Posted March 26, 2008 (07:38AM)
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djk,
Unless you select the QUALIFIER All or None from the duration section of our trading pages, any order may receive partial executions. We will only charge one commission for partial executions that take place over the course of one day. Instances where you would incur multiple commissions would be when your order receives partial executions over multiple days. You will be charged a commission for each day you receive a partial execution. Setting your order as GTC will not prevent multiple commission. This designation will only make your order stay open until it is completely executed. If this happens over multiple days, you will be charged multiple commissions. Another instance where you would be charged an additional commission is when you modified the resulting open order of a previous partial execution. If you have any further questions about commissions for partial executions, please call a representative at 877-495-5464.
Posted March 27, 2008 (02:17PM)
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hey, my wallet and I thank you.
Posted March 27, 2008 (05:04PM)
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