Episode Summary In this episode, John and Jane trace the journey of a single trade from the moment you tap "buy" on your phone to the final confirmation. Jane shares a common frustration: seeing one price on her screen but being filled at a slightly higher one. John explains that the screen shows a quote, not a guaranteed price, and breaks down the automated steps—validation, routing, and matching—that occur in milliseconds. The hosts explore how your own trade can move the market and why Jane’s "golden rule" of limit orders is the best defense for retail investors.

Key Concepts

• Quote vs. Price: The price on a screen is merely a quote of the best bid and ask at a recent moment; it is not a reservation or a promis ...