Limit Order Book: How Market and Limit Orders Fill

Picture a 5,000-share market order hitting a thin small-cap at 10:47 in the morning. The last trade printed at 24.10, so you'd expect a fill somewhere near there. Instead the…

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Bid-Ask Spread: The Built-In Cost of Every Fill You Get

You mark a small-cap you've been watching, the last trade printed at 24.05, and you send a market order to get in. The fill comes back at 24.18. Nothing moved…

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