Personal Finance & Money Asked by Nick SG on January 11, 2021
I recently bought a call on a stock that didn’t have much volume and is considered illiquid. I’m trying to sell that call so I can get out of the trade but the order is stuck in the working stage and has been there for a few hours now. Will that order for me to get out of the position ever be filled or do I just need to wait until expiration to get out? FYI: I’m using ThinkorSwim
Using ThinkorSwim is irrelevant since brokers forward orders to the exchanges where the auction takes place.
A security has a bid and an ask price. If you want to own it right now you buy at the ask. If you want to sell it right now, you sell at the bid.
If you want a better price, you place a higher limit order to sell or lower limit order to buy.
In order to get a better sell price for your long call, either the stock must move in your direction or a counterparty must be willing to cross the B/A and meet your price.
So either you wait for a better price or you lower your price.
Answered by Bob Baerker on January 11, 2021
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