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Investing & Trading

Investing & Trading


Unfilled market orders

Why didn’t my market order fill?

If your market order didn’t fill, it’s usually due to timing or a rule enforced. Here are the most common reasons.

 

You placed the order outside normal trading hours

Market orders are only accepted during specific trading phases on each exchange. Outside these windows, your order may be rejected.

Exchange Phase

 

Stake AUS

 

Wall St

 

Pre-Open / Opening

Not accepted – market orders rejected. Use limit orders instead. (7:00am–9:59am AEST/AEDT)

Not accepted – market orders rejected. Use limit orders instead. (Pre-Market: 4:00am–9:30am ET)

Continuous Trading

Accepted – market orders filled at best available price. (10:00am–4:00pm AEST/AEDT)

Accepted – market orders filled at best available price. (9:30am–4:00pm ET)

Closing / After-Hours

Not accepted – market closed or in auction. Use limit orders instead. (4:01pm onwards)

Not accepted – market closed or in After-Hours. Use limit orders instead. (4:00pm–8:00pm ET)

Fully Closed

Not accepted – market fully closed. (4:21pm–7:00am AEST/AEDT)

Not accepted – market fully closed. (8:01pm–3:59am ET)

You may consider using a limit order if you wish to place your order outside of these hours.

 

The stock is in a trading halt

If the ASX has halted trading for a specific stock (e.g. pending news or an announcement), no market orders can be processed.

You will need to wait for the trading halt to lift for your order to fill.

 

Insufficient funds or holdings

  • Buy orders: Rejected if you don’t have enough settled funds (including brokerage) in your linked cash account.

  • Sell orders: Rejected if your shares are already committed to another order or not currently in your account.

 

Liquidity issues (partial fills or high slippage)

A market order aims to fill quickly, but in illiquid stocks, this might not happen immediately or completely.

  • Partial fill: Only part of your order is executed at the available price. The remaining volume becomes a limit order at the last traded price and waits in the queue.

  • No counterparty: If the stock has very low trading volume, your market order might not find enough buyers or sellers, leading to a delay or execution at a price far from what you expected.

 

What you can check

  • Check the time: Was your order placed between 10:00am and 4:00pm AEST/AEDT? If not, it may have been rejected due to the time window.

  • Check your order status in Active Orders. Here you’ll find the current status of your trade.


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