How Long Does a Market Order Stay Open?
How many licks does it take to get to the center of a Tootsie pop?
Both, valid question.
On my previous article The Quickest Way to Go From Steem Dollars to Power Up I went through the steps of placing a Market order in order to quickly go from Steem Dollars to STEEM POWER!!
When I was creating the screen shots, I took a little longer than expected and the Market price moved up from my $1.5835 price to $1.60.
There is an option to Cancel the order and at the time, it looked like the market would continue its upswing. But, I decided to leave it open, in order to see how long the order would stay open.
When I trade stocks, you can make an order stay open for the day or for longer periods. This allows you to set a price, but if the price never comes, you can automatically back out of it. On the STEEMit Market, there is no option for how long the order stays open. I wondered if the order would close automatically after a certain number of hours.
Well, it did stay open for at least 1 day, because it completed when the price dropped back down about 20 hours before this post. So, I can guess that a Market order will stay open until the price is met or the order is canceled.
Now, I will say, there could be some big advantages to just leaving an order open.
On the Buy side, you can just leave there until the price drops to your liking. Or, conversely, until the price goes up to your Sell price. As you can see getting the right price doesn't have to be inline with what the market is doing.
I'm not sure what happened, but on some trades, I have seen a $2 and a $.01 trade in the history. Either this is something outside of normal trading or someone got really lucky and someone else got really unlucky.
Anyway, I am not at STEEM Power of 101. Let's see what that does for me.
