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by 1stcity3rdcoast 2644 days ago
Because you’re not just telegraphing it to your competitor, you’re moving the entire market and affecting the bid/ask and price transparency for all its participants. That affects liquidity, derivatives, a lot of downstream negatives.

That said, there are narrow instances where you can place less-than-real orders in a market [0]... it just has to be a market that is nearly and completely illiquid.

[0] https://www.bloomberg.com/opinion/articles/2018-12-04/trying...