Outstanding buy orders drag you into market correction?

[RandR]

I was listening to an analyst the other day make comment that the only people buying atm are value investors, and traders who forgot to cancel outstanding buy orders ...

Im curious, has anyone here got any horror stories to share, about you or someone you know accidentally buying there way into a market correction with an old order you'd forgotten about ?

 

[alexc2005]

Yeah, i was running back to the computer on friday to cancel my HOG order @ 28c.

Decided to drop it down to 25c and then seconds later decided to drop it to 23c.

Apparently the change went through.

BUT, i seem to have bought it at 25c , so apparently it didnt go through.

Not a huge deal, but i really should have just cancelled it altogether.

Live and Learn

 

[jbocker]

I am in an opposite position I was waiting patiently for a buy order to take effect (5000 shares) It partially filled (4750 shares) and then an announcement of good dividend and away the price went, jumping back up 7+%.

Can anyone tell me what happens to the unfilled component? (ie the remainder of the buy order 250 shares)

 

[danbradster]

Can anyone tell me what happens to the unfilled component? (ie the remainder of the buy order 250 shares)

They just sit in the market for 30 days or so. In Commsec I think it's commission-free to update the price for the remaining to a higher price.

I had an order in for $0.65 for MRE and forgot it, then I woke up after the market had opened to see the SP at $0.62 and my order went through at $0.65. I sold out after the price rose from $0.62 to $0.66 with $0.01 profit instead of $0.04.