Hello Everyone.
I am a total newbie. Have been struggling to have some advice on following questions related to day trading/limit sell order:
1) Shares of ABC company are currently priced at Rs 10, I place an IntraDay order for a limit price of Rs 8 . However, the price of the share never drops down to Rs 8 on that day. Then what is going to happen when the day closes? Will my order be automatically cancelled or I will end up buying the shares at the last closing price? (is this also called short buy)?
2) I already purchased the shares of XYZ company at the beginning of the day for Rs 10 (here I am talking of IntraDay trading only). I then place an order to sell the share for a limit price of Rs 12 (meaning, that once the share price reaches rs 12 or more, then my sell order will be executed). But unfortunately, on that day the XYZ company share price never reaches rs 12 or more. Then what is going to happen? Will my shares be automatically sold at the end of the day (for the last closing price)? (is this also called short sell)?
Any advice will help me clear up some confusion. As I am reluctant in going for day trading with all this confusion.
Thanks.
I am a total newbie. Have been struggling to have some advice on following questions related to day trading/limit sell order:
1) Shares of ABC company are currently priced at Rs 10, I place an IntraDay order for a limit price of Rs 8 . However, the price of the share never drops down to Rs 8 on that day. Then what is going to happen when the day closes? Will my order be automatically cancelled or I will end up buying the shares at the last closing price? (is this also called short buy)?
2) I already purchased the shares of XYZ company at the beginning of the day for Rs 10 (here I am talking of IntraDay trading only). I then place an order to sell the share for a limit price of Rs 12 (meaning, that once the share price reaches rs 12 or more, then my sell order will be executed). But unfortunately, on that day the XYZ company share price never reaches rs 12 or more. Then what is going to happen? Will my shares be automatically sold at the end of the day (for the last closing price)? (is this also called short sell)?
Any advice will help me clear up some confusion. As I am reluctant in going for day trading with all this confusion.
Thanks.