My limit order stock buy

[MickinMD ★]

I wanted to add to my CVS holdings, thinking it's a bargain now, and moved money into Charles Schwab today to buy it.  I have to order the money move from bank to Schwab a day ahead of time.

The stock closed at $72.37 on Thursday, opened at $72.33 on Friday, slipped to $72.20 and then started back up.

I usually just put in a Market Order - buy at the current price - but saw I could buy an additional share if the price fell to $72.18.  So I put in a day-long Limit Order for $72.18.  I then followed the price up into the $72.30's and $72.40's and I thought I better change the order.

But when I looked at my Schwab account again, my $72.18 order had gone through somehow and I got that extra share!  Now I have 23 cents left over in my Schwab cash account!

It's $73.52 now, up 1%.  It may drop lower but I think I got a good long-term deal with a sector leader and a 3.5% dividend.  It raises its dividend most years and hasn't lowered it since 2005.

[Dottleshead ★]

Stock trading and Fantasy Football are good for your meticulous mind. Not that you're asking but I'd spend more time on the former if I was you. But the latter is probably more fun. 

[donkpow]

It's extremely rare for me to make a market order.

I transfer money using the financial software. That gives me trading money immediately. I can't withdraw those funds until the transfer is fully complete but I can trade it and make money on it. 

I'm not knowledgeable on the mechanics of the market but I think the price reporting isn't really accurate to down to the millisecond. Computers do all the trading now and you have to wait for somebody who wants to sell stock at the price you want. Then you may have to wait to get your stock from multiple sellers if you want more than a couple of shares. 

You can make fun of me but I think that .02 is really important. If you trade frequently, you are throwing money away with a market order. I mean, why is it important to buy a stock at this very moment? Most of the time that's not the case. Unless you are an inside trader like @Fret Buzz. It's like going to the grocery and buying something for whatever it is going for.

Congratulations on your successful trade, @MickinMD