Penny stocks do not trade in a regulated market, there is no one place that these stocks trade unlike those on the NASDAQ or any other exchange.
There are no real market makers and/or specialist who are mandated to execute orders at the quote price.
Penny stocks trade in multiple locations and these locations are not tied together in order to create one central market place
Your order was routed to a brokerage firm that showed it had an interest at the time in the stock (possibly not for itself), in the mean time there were other firms that may had orders in the same stock, so one firm put out one price while the others put out others.
Your order did not get filled since your order was routed to one firm, but not to the universe of all the firms that were showing bids/offers
So not being one location for the market it is impossible to bring all the orders into one location as it is done on regulated exchanges
What has happen to you happens to others, this is the price you pay for playing with penny stocks it just another reason why experienced traders don't waster their time and money playing with crap which trades in an unregulated market
You knew Penny Stocks were risky. You knew that liquidity was (is) a big issue. You knew that you shouldn't be trading Penny Stocks without 3-5 years of successful trading of stocks over $5 per share. You know that most successful tradings avoid Penny Stocks simply because their goal is to make money.
Without looking at the specific chart... I can offer you no answer different than what you know... liquidity.
Certainly the 3-5 books you've read on trading stocks had to be of some help.
most likely low volume trading, not that strange for penny stock. If you can get trading volume you might be able to verify.
I own a penny stock and a few days ago placed a limit sell order which is open until the end of the week. My question is: I put the limit sell order in for $.07 and at the time the stock was trading around $.06. The stock today (and this has happened a few other times) has jumped to .072, however, my order wasn't filled.
The stock is relatively illiquid, however, why wouldn't at least part of my order get filled given that my ask price was lower than what the most recent buy purchased the stock at? I don't have any qualifiers that would kick out the trade (i.e. all or none trade), so I'm not understanding why my order wouldn't get partially filled given that someone clearly bid .072 and I've had an ask of .07.
This has happened a few times and I can't decipher why. Someone with knowledge please help. Thanks!
