As the title mentions I bought Boeing shares at $98 (around this figure) but was charged $123. Can I please get someone to help me fix this?
@techpaper Everything looks fine with the execution. You placed a market order when the markets were closed. This basically means that you’re okay with the order executing at the best available price when the markets open - which was exactly what happened as Boeing opened at $124.20.
@David what do I do next time if I want to buy a share for the exact price I want to buy it and not worry about the order executing as the best available price when it opens?
The answer is to place a limit order. With that type of order you can specify the maximum amount that you are willing to pay. If you had set a limit order at $98 when the market was closed you would only make a purchase at a price of $98 or less when the market next opened.
I can see there is a limit order option on Trading 212. So going forward would I have to place the order like this?
Number of shares: 5
In the expiration part it gives the option of end of day or GTC. Which is the best option?
Yes, that is how you set it up. There is a good search facility for the community. Many interesting questions have been answered previously. Your question has already been discussed here:
@Richard.W Thanks for linking this. Also how are you allowed to place an limit order of under $98 if the share price for a stock is $98?
the limit order acts as a trigger so it will wait until the price is right before trying to purchase for you. so if the price doesn’t go to or below your specified price, no shares will be purchased. If you select GTC then it will wait however long it takes for the price to go below that number or if you choose to cancel. the only downside is that you cannot set the limit order at the price it currently is or too close. so if its at $98, you would need to choose either $97 or $99 for example.
@Richard.W would definitely get the shares at $98 with a limit order when the market opens? or can it be ignored?
No. You will only buy successfully if the market opens at a price no greater than $98. If it does you will get the market price. Otherwise if the opening price exceeds $98 your GTC order will remain open and will be executed if and when the price ever drops to $98.