[ISL]

Totally agreed on different strokes. If speed matters most, there's nothing like a market order.

I'm rarely using limit orders to shave pennies if I want quick execution. I use them to prevent the unexpected. Under normal market conditions, if the limit is set 10% beyond the expected clearing price, it provides me with free protection against a completely unexpected surprise. Something will have to have gone very wrong with my investment strategies if I'm desperate to buy/sell at any price.

In the long-game case, if I purchase a stock at $0.95 that I think can sell for $0.99, I'll immediately place the limit-order for sale as soon as I've made the purchase. No need to hide my hand -- I'll be happy if you want to buy it at that price (and I might get faster execution by being earlier in the order queue).