Are you sure this is how it works when you put in an overnight order? I did a bit of research and it seems that when the market maker determines the opening price, they're aiming for a price that clears the market of backed-up orders from the night before. I assume that means if I put in an order the night before, I can expect it to be cleared at the opening price, because any of the overnight orders that can clear at the opening price will all clear at once (and I'd be using a market order, so I'm sure it would clear)?
Lame maybe, but reality. But honestly why should we individual investors get preference? We are trading less then chump change compared to the bigger players and if we were excluded from the market, there wouldn't be much effect. Me buying 1500 shares of BAC is nothing compared to the daily volume.
On a side note, I have noticed Interactive Brokers executes my trades much faster than Schwab though.
Are you sure this is how it works when you put in an overnight order? I did a bit of research and it seems that when the market maker determines the opening price, they're aiming for a price that clears the market of backed-up orders from the night before. I assume that means if I put in an order the night before, I can expect it to be cleared at the opening price, because any of the overnight orders that can clear at the opening price will all clear at once (and I'd be using a market order, so I'm sure it would clear)?