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Quick question - trading after 'after hours'/weekend on Questrade

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  • Feb 16th, 2019 1:36 pm
[OP]
Deal Addict
Feb 7, 2006
1965 posts
351 upvotes

Quick question - trading after 'after hours'/weekend on Questrade

So bear with me on the very simple question -

Unfortunately I don't usually have time to trade during the day, so would be placing most of my orders in the late weekday evenings (8pm onwards) or weekends.
If I'm interested in setting up some purchases to execute on, say Monday morning, is the best approach to put in an order in/around the last close price (+/- few cents) and put the duration as GTC? Or is there something else I should be considering. I saw this article here (https://www.moneysense.ca/columns/etf-i ... ours-club/) which seems to suggest to avoid purchasing after hours...?

I'm only planning to purchase the usual ETFs (the most liquid/heavily traded ones) or TSX 60 shares.

Thanks in advance.
4 replies
Deal Fanatic
User avatar
Jun 26, 2005
9514 posts
1551 upvotes
Toronto
If you really want to get filled, then put a limit buy just a few cents above the closing price. Probability getting filled will be higher. And due to the trading rules it will always fill you at your price or better.

But the proper way is of course to have 3 prices set, as your plan for any investment. Questrade has this bracket order function too.

Price to enter
Price to exit for profit
Price to exit for loss

Enter all that into Questrade and let it do it on its own.
Member
Feb 9, 2018
266 posts
180 upvotes
Yes, That's one way and I have used it successfully couple of times by putting 10-15 cents lower than Friday closing price and it got filled on Monday first thing because market opened lower and I was lucky. You can put a limit order with (+/-) few cents and choose duration as GTC. It will remain open until filled or manually closed for next 3 months. Don't be surprised though if it doesn't get filled end of day on Monday because market may open much higher than your order on Monday and remain that way throughout the day. As other user pointed out, if you do it weekdays and put a limit price with few cents above market price, it will almost always get filled instantaneously or the bracket order function that user above mentioned (I never tried that myself though).
Deal Addict
Jun 27, 2007
4633 posts
1345 upvotes
Normally, if you submit order after hours (duration - day), it will be live 9:30 next biz day for that day only.
If you go with GTC, it will be there until filled, cancelled or expired.

Always go with limit. If you cant predict where the open will be, use the closing price minus few cents.
But i would never do it, personally. Its like buying a pig in a poke.
Deal Fanatic
User avatar
Jun 26, 2005
9514 posts
1551 upvotes
Toronto
Or the best way is

Grab your phone and go to the washroom at work.

Place your order then. Market price, done. Takes like 1 minute?

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