IQ (Questrade) Afterhours trading

[fishhead]

HI I just found out that QT offers afterhours trading but i'm having a difficult time understanding just how to do it (and the limitations). To be honest their livehelp was less helpful then required  :  )

If you don't mind i'd like to throw some newbie questions out here and see where it goes.

1) QT states "Must be Limit at the Last price the security was traded at on its native exchange" . Does this mean if the ETF closed at $300 then the Limit of the afterhours trade must be $300? What happens if the stock goes to $400 afterhours - does the SELL happen at $300 and i lose out of the additional amount?

2) QT states " Although ECNs allow after-hours trading until 8 pm for U.S. markets, Questrade's cut-off time is 5:30 p.m EST." If i set the trade between 4-5:30pm and the ETF climbs to $400 after 5:30pm what happens - did i miss this opportunity?

 

Thanks in advance

[Jerry Medved]

in MT, you would select "Day+Ext" as the Time In Force on the order for it to execute both during regular hours and extended hours. 

1) have not seen this before. This is for Canadian markets.  As for what it means at least based on the wording:
has to be a LIMIT order
Quantity must be in multiples of 100
If the native exchange for a symbol is TSX, then the LIMIT order has to be at whatever the last trade was on TSX in afterhours. this seems odd to me, but then I don't really know the details of Canadian trading rules. 

2) your order will not execute after 5:30 regardless of what the market does. So yes, you would miss the opportunity in your example.

[fishhead]

thanks Jerry,

forgive my little understanding but what are you referring to by saying "In MT...."

[Jerry Medved]

"In Medved Trader"

[fishhead]

ah.... of course