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On Tradeking, I have roughly 20 shares of 5 different stocks that I'd like to sell.

When I set these parameters:

price: X
shares: 20 or fewer
order: limit/day order
options: all or none

I find out that all or none orders are only available for purchases above 100 shares.

Is there any way to sell AON so that I can avoid the $4.50 transaction fee from Tradeking?

What is the probability that 20 shares will require 20 transactions, which would result in a hit of 20 transaction fees to me.

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Are you completely opposed to market orders? –  CQM Dec 25 '12 at 0:49
    
if I understand you correctly you're saying that if I pick a market order there's a higher probability that someone will buy all of my stocks at once –  Kevin Meredith Dec 25 '12 at 1:06
    
okay, a limit order lets you set the price and waits for someone else to take that price, the con being that maybe nobody will ever want that price. a market orders takes the next available price, the con being that it might not always be the most favorable price for you. in a fast market (like during market open) you could get filled at any price. –  CQM Dec 25 '12 at 1:13
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unless you are trading Berkshire Hathaway, the probability of 20 shares being filled separately is really small. The probability of it being partially filled is even smaller. –  Vitalik Dec 25 '12 at 16:11

2 Answers 2

When my orders fill, I'll often see a 1000 shares go through over 4-6 transactions, with a few cents difference high to low, but totaling the transaction cost, it adds to one commission (say $10 for my broker). Are you sure a series of partial fills would result in as many as 20 commissions?

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Set a good till cancel GTC order, and partial fills will just roll over to the market session if it doesn't fill completely during the first market session

It is a very low probability that each share will only be taken one at a time. It isn't a low probability that it will fill in two or three orders, but this is all a factor of how liquid the stocks you bought are.

Also your limit order price is also a factor in this

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