Why was my order not executed immediately? Several factors can influence the speed at which your order is executed. These include the type of order, its size, the trading volume, market conditions, the sequence of orders at exchange venues, and even the speed of your internet service provider.
Market Typically, market orders execute within seconds if there is a willing buyer or seller. However, in volatile markets, the execution price may differ significantly from the price displayed on the chart. To avoid this, consider using a limit order.
Limit A limit order is executed only at your specified limit price or better. This can help avoid unfavorable prices.
Extended trading hours During extended trading hours, only limit orders will be executed. If your limit order isn’t executed, even after meeting or exceeding the current bid (when selling) or ask (when buying), make sure that "extended hours" is selected in the order details. Keep in mind that trading volume is generally lower, and bid/ask spreads are wider during these hours.
Price and time prioritization Securities markets generally adhere to a system where orders are filled based on the best price and the time they were received, with earlier orders taking precedence at a given price point.
Regulation NMS Orders active during extended hours are not bound by the SEC’s Regulation NMS regarding best execution.
Why did my order partially fill? Partial fills occur when there isn’t enough available offer to completely execute your order at a specific time or price. This may cause the market price to move, leaving the remaining shares unfilled. If your order partially fills, the unfilled portion remains active in the market. If you decide to cancel the order, only the unfilled shares will be affected, not the shares that have already been executed.
Why did my limit order not execute if the limit price was already reached? When a number of limit orders are entered at the same price, market makers fill the orders based on the time they are received, known as price-time priority. Although the price in the market may have reached your limit price, orders received before yours will be filled first, which can sometimes move the market price or exhaust the volume in the market at that time.
Price Priority Orders are prioritized based on price. Buy orders at higher prices and sell orders at lower prices take precedence. For instance, an order to buy shares at $50 will be prioritized over an order to buy the same shares at $49.
Time Priority Among orders at the same price, those entered first have priority. For example, if two buy orders are placed at the same price of $50, the order entered first will be executed first.
Why did my order get canceled when the market closed? Orders are typically categorized as either "Day Orders" or "Good 'Til Canceled" (GTC) orders.
Day These are automatically canceled at market close if they haven’t been executed.
Good 'Til Canceled (GTC) These orders remain active for up to 60 days from the time they are placed, after which they expire if not executed.
Where can I find out more about Webull's execution quality? To learn more about our execution quality, please visit the link below:
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