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Uvas Umarov
Phone Weasel Advocate
Join date: 8 Feb 2007
Posts: 622
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03-11-2007 05:25
When you place a limit order, is your order placed in a queue?
I saw there are orders for like 33 million L's at 277. Will my order go to the back of the line and I will have to wait until that 33 million get bought? I put in a buy at 277 last night and so far not even 1 linden was filled in my order. Is there an average wait time?
Just curious...
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Kitty Barnett
Registered User
Join date: 10 May 2006
Posts: 5,586
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03-11-2007 06:25
It's queued from first to last order at the same amount (so when you placed your limit buy order at L$277/$1 all the orders in front of you have to be filled before yours comes up). At the same time, better rates (lower for buy, higher for sell) get filled first as well. So imagine: * 1 person offers to buy $10k at 277/1 * you offer to buy $10k at 277/1 * another offers to buy $10k at 276/1 Assuming someone sells $30k worth the order would be: * the one selling at 276/1 * the one selling at 277/1 before you placed yours * your order I always just put in a limit buy for one below the lowest rate (L$276/1) and usually I'll have my L$ in anywhere from 1 to 45 minutes. Hope all of this made sense  . (Edited to add that you can just cancel your current order, and reissue it at one below whatever the lowest rate is then, and it should sell right away ) |
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cHex Losangeles
Registered User
Join date: 24 Nov 2006
Posts: 370
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03-11-2007 06:33
Also, if there were 33ML$ ahead of yours, you would probably not have to wait for all 33M to get sold before yours do. It is common for some of the people buying those 33M to get impatient and cancel their order and buy at market rates, or to cancel for some other reason. The longer it takes, the closer to the front of the line you are likely to move.
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Uvas Umarov
Phone Weasel Advocate
Join date: 8 Feb 2007
Posts: 622
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03-11-2007 07:50
Thanks, I suspected that it was a first come first served, of course with the better bids being taken care of first.
I redid to 276 and it went pretty fast.
Thanks guys.
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Uvas Umarov
Phone Weasel Advocate
Join date: 8 Feb 2007
Posts: 622
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03-11-2007 07:55
I was just curious about how long it takes to get through 33 million lindens...
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Kitty Barnett
Registered User
Join date: 10 May 2006
Posts: 5,586
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03-11-2007 08:13
From: Uvas Umarov I was just curious about how long it takes to get through 33 million lindens... You could make a rough guess... If the sell rate was steady at 267 all day, and the same for the buy rate at 277 then percentage wise 83% were market buys/limit sells and 17% were limit buys/market sells to get an average of 268.3. Which means about L$10 million limit buys got filled yesterday, so probably at the very least three days. |