You need to place a
limit order at a specific price and not a market order. And the settlement time for a stock order is 3 days by rule (T+3 it is called)...but it will be at the price you specified or better if the order is executed. Contrary to what used to be the rule, a limit order is the same price (at Schwab) as a market order ($8.95 regardless of size, number of shares, or cost). My limit orders are day orders but I cancel them if they don't execute in the next few minutes at no cost. My brother, on the other hand, enters a limit order and often walks away until later just to see if the market comes to him.
I also watched the market depth activity (at Schwab) and set my order limit at a price which I like but which will get executed. If the market moves away, I make a decision to either raise the price by cancelling and re-entering the order or leave the order as is to see if the market comes back to me.
A limit order at a specified price will be executed at my price or better...or it will not be executed at all.
Once executed, the stock is mine, but the transaction settles over the next three days. In fact, if I want, I can resell the stock before the transactions settles.
For all of you who want to make money in the stock market, here is the book written by Warren Buffett's professor at Columbia. Click the pic to go to Amazon. This is the classic for fundamental investors (that's me...and Warren). Studied this book in undergraduate and grad school. Love it. It is simple and basic...and beloved.
