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Closing positions at market open


Guest Julia

Question

Hi Everyone,

I am using an End of Day trading system, and wish to understand how I can set an order to close an open position when the market opens tomorrow without me needing to be online. I want to close my position, at the opening price regardless of if it goes up or down from the close. How can I do this?

Thanks

Julia

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Unfortunately this just isn't possible. As a side not, if you are using this function elsewhere or have coded an automatic trading system, please note that it may have significant risks. 

By analogy, imaging walking into an actual physical marketplace and saying "I will be willing to buy and sell XYZ irrespective of the price..." You would get eaten alive! Whilst there may be an option to do this OTC without reflecting in the market, it may also have the same negatives as above. 

You could always just set a hugely aggressive GTC limit order (e.g. market is at 100 and you set a limit sell for anything up to 120, i.e. 20% above it's current price which is highly likely to get filled.)

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