I have a burning question that I canít seem to get a straight answer to and Iím hoping someone here with firsthand experience can help me out. I have a strategy using Nasdaq stocks that requires me to buy or sell at the opening print (the price shown as the open on Yahoo Finance). From what I understand from reading about the opening cross on Nasdaqís website, I simply need to submit my buy or sell order prior to the 9:28 cutoff to participate in the opening cross. Is my understanding here correct? I have been attempting this using Interactive Brokerís paper trading account and I am not getting filled at the opening cross price. Is this because itís simulated trading? I have not yet tried doing this in real time with real money. Using their Paper Trader I have tried using an OPG order and a regular day order, both submitted prior to the cutoff and neither have worked. They execute but not at the opening cross price. Does anyone here trade at the Nasdaq opening cross and if so where do you get filled and how do you do it? Also, what broker do you use? The stocks that Iím trading are high volume (>1M) and are active during the premarket so I donít think liquidity is the issue.
I have a stock trading system that I use OPG (MOO) orders with and generally do not have issues, however there are the occasional differences. If you ask IB, they would be able to explain the difference to you. When you use SMART routing option, your trade will be executed on any of the ECN's that might not have the same opening price that is shown on yahoo finance or even on NASDAQ's website.
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