You can place orders after hours, but they may not fill at the price you expect
Yes, you can buy stocks after the regular market closes, but the process works differently than trading during the day. Most brokerages offer after-hours trading, which runs from 4:00 p.m. to 8:00 p.m. Eastern Time. However, far fewer buyers and sellers are active during these hours, so prices swing more wildly, and your order might not fill at all — or might fill at a price much different from what you saw on your screen.
The regular stock market (the exchanges where most trades happen) closes at 4:00 p.m. Eastern. After that, trading still occurs on smaller networks called electronic communication networks, or ECNs. Your broker connects you to these networks if you choose to trade after hours. The catch is that volume is thin, spreads are wide, and the price you see for a stock may not reflect what you will actually pay.
Key Takeaways
- After-hours trading runs from 4:00 p.m. to 8:00 p.m. Eastern Time on most brokerages, but volume is much lower than during regular market hours.
- Your after-hours order may not fill at the displayed price, or may not fill at all, because fewer traders are active and spreads are wider.
- Not all stocks can be traded after hours — your broker may restrict after-hours trading to stocks above a certain price or volume threshold.
- Pre-market trading (before 9:30 a.m.) follows the same rules as after-hours trading and carries the same risks of wide price swings and unfilled orders.
- If you want to trade on news that breaks after 4:00 p.m., you can place an order, but understand that it may execute at a very different price the next morning.
How after-hours orders actually work
When you place a buy order after hours, your broker sends it to an ECN. That network tries to match your order with a seller who is also trading after hours. If no seller is willing to sell at your price, your order sits unfilled until the next regular market session — or until you cancel it. You cannot see all the other orders in the system the way you can during the day, so you have less information about where the price might go.
The bid-ask spread — the gap between what buyers will pay and what sellers will accept — is often much wider after hours. During the regular session, a popular stock might have a spread of just a penny or two. After hours, that same stock might have a spread of 50 cents or more. If you place a market order (an order to buy at whatever price is available right now), you could pay significantly more than you expected.
Most brokerages require you to use a limit order for after-hours trades. A limit order lets you set the maximum price you will pay. If no seller will accept that price, your order does not fill. This protects you from a shock price, but it also means your order might sit all evening without executing.
Which stocks you can trade after hours
Not every stock is available for after-hours trading. Your broker sets its own rules about which securities you can trade outside regular hours. Many brokerages restrict after-hours trading to stocks priced above $5 per share and those with high trading volume. Penny stocks and very small companies are usually off-limits.
Check your broker's website or call their support line to see which stocks are available for after-hours trading on your account. Some brokers also require a minimum account balance or a certain account type (like a margin account) before they let you trade after hours at all.
Why the price moves so much after hours
After-hours price swings are often dramatic because the market is thinner — fewer people are trading, so each trade can move the price more. If a company releases earnings after 4:00 p.m., traders react when ready in the after-hours market, and the stock might jump or drop 5, 10, or even 20 percent before the regular market opens the next morning.
This volatility cuts both ways. You might see a chance to buy a stock at a bargain price after hours, but you might also overpay because you cannot see the full picture of supply and demand. The price you see on your screen is often a stale quote — it may not reflect actual trades happening right now on the ECNs.
Pre-market trading works the same way
Pre-market trading runs from 4:00 a.m. to 9:30 a.m. Eastern Time, before the regular market opens. It follows the same rules as after-hours trading: lower volume, wider spreads, limit orders only (usually), and no may provide your order will fill. Many traders use pre-market hours to react to overnight news or earnings reports released before the opening bell.
If you place a pre-market order and it does not fill, it may carry over into the regular session automatically — but check your broker's rules, because some brokers cancel unfilled pre-market orders at 9:30 a.m. and require you to place a new order for regular hours.
What happens if you place an after-hours order and go to bed
If your after-hours order does not fill by 8:00 p.m., it typically stays active and carries into the next trading day. When the regular market opens at 9:30 a.m., your order is still in the queue. If the stock price moves into your limit price, your order may fill during regular hours — often at a better price than you would have gotten after hours, because volume is higher and spreads are tighter.
However, some brokers cancel unfilled after-hours orders at the end of the session. Read your broker's documentation or ask support whether your unfilled orders roll over automatically or get canceled. If they get canceled, you will need to place a new order the next morning if you still want to buy.
Risks and reasons to avoid after-hours trading
After-hours trading is riskier than regular trading for most people. The price discovery is poor, meaning the price you see may not reflect true supply and demand. Spreads are wide, so you pay more to buy and receive less when you sell. Liquidity is low, so a large order might move the price against you significantly. And if you are reacting to news that just broke, you are competing with professional traders who have better information and faster execution.
For a long-term investor, after-hours trading rarely makes sense. If you believe a stock is a good buy, it will still be a good buy at 9:30 a.m. the next morning. The risk of overpaying after hours usually outweighs any benefit of trading a few hours earlier.
Frequently Asked Questions
Can I place an after-hours order on my phone?
Most brokerages let you place after-hours orders through their mobile app or website, just as you would during regular hours. However, check your broker's app to confirm that after-hours trading is available — some brokers disable it on mobile or require you to opt in first.
What if the stock price gaps up overnight and my limit order does not fill?
If a stock jumps 10 percent after hours and your limit order was set below the new price, your order will not fill. It will remain active at your limit price, and it may never fill if the stock stays above that level. You can cancel it and place a new order at a higher price, or wait to see if the stock pulls back.
Do I need a special account to trade after hours?
Most brokers let any account holder trade after hours, but some require a minimum account balance or a margin account. A few brokers restrict after-hours trading to experienced investors. Check your broker's website or contact support to see what your account type allows.
If I place an order at 7:00 p.m., will it fill before the market opens at 9:30 a.m.?
It might. After-hours trading continues until 8:00 p.m., so an order placed at 7:00 p.m. could fill during that last hour. If it does not fill by 8:00 p.m., it typically carries into the next regular session and may fill at 9:30 a.m. or later, depending on the price and volume.
Can I sell stocks after hours the same way I buy them?
Yes. Selling after hours follows the same rules as buying: lower volume, wider spreads, limit orders recommended, and no may provide your order fills at the price you want. The same risks explore whether you are buying or selling.