{"id":3486,"date":"2026-02-02T09:00:00","date_gmt":"2026-02-02T08:00:00","guid":{"rendered":"https:\/\/mueckinvest.de\/?p=3486"},"modified":"2026-02-02T16:00:00","modified_gmt":"2026-02-02T15:00:00","slug":"%f0%9f%93%89-how-is-a-share-price-created","status":"publish","type":"post","link":"https:\/\/mueckinvest.com\/en\/%f0%9f%93%89-wie-entsteht-ein-aktienkurs\/","title":{"rendered":"\ud83d\udcc9 Basics: How does a share price develop?"},"content":{"rendered":"

Why prices do not \u201esimply rise or fall\u201c, but are determined by supply, demand and the order book<\/strong><\/p>\n\n\n\n

Many newcomers believe that the share price is \u201eset by the stock exchange\u201c or \u201edetermined by banks\u201c. In reality, the share price is determined by buyer and seller<\/strong>, who place their orders in the order book.<\/p>\n\n\n\n

This deep dive explains this as simply as possible - but without distorting reality.<\/p>\n\n\n\n

1. \ud83e\uddf1 The share price is created by supply & demand<\/h1>\n\n\n\n

The course is the price<\/strong>, for which trading last took place.<\/p>\n\n\n\n

    \n
  • If someone buys<\/strong>, the share price rises.<\/li>\n\n\n\n
  • If someone Sold<\/strong>, the price falls.<\/li>\n<\/ul>\n\n\n\n

    But: Not every order moves the price - only those that do executed<\/strong> becomes.<\/p>\n\n\n\n

    \ud83d\udc49 The price is the price of the last transaction<\/strong>.<\/p>\n\n\n\n

    2. \ud83d\udcd8 The order book - the heart of price formation<\/h1>\n\n\n\n

    Each exchange carries a Order book<\/strong>. It contains:<\/p>\n\n\n\n

      \n
    • all buy orders (bids)<\/li>\n\n\n\n
    • all sell orders (Asks)<\/li>\n<\/ul>\n\n\n\n

      Sorted by price.<\/p>\n\n\n\n

      Buy side (Bid):<\/strong><\/h3>\n\n\n\n

      \u201eI want to buy, but at this price at most.\u201c<\/p>\n\n\n\n

      Sales page (Ask):<\/strong><\/h3>\n\n\n\n

      \u201eI want to sell, but at least at this price.\u201c<\/p>\n\n\n\n

      \ud83d\udc49 The price is created where buyers and sellers meet.<\/p>\n\n\n\n

      3. \ud83d\udd0d Bid & Ask - two prices, not one<\/h1>\n\n\n\n

      Many DAUs believe that a share has one<\/strong> Price. In truth, there is always two<\/strong>:<\/p>\n\n\n\n

        \n
      • Bid<\/strong> = highest purchase price<\/li>\n\n\n\n
      • Ask<\/strong> = lowest selling price<\/li>\n<\/ul>\n\n\n\n

        The difference is called Spread<\/strong>.<\/p>\n\n\n\n

        Example:<\/h3>\n\n\n\n

        Bid: 99.90 \u20ac Ask: 100.10 \u20ac Spread: 0.20 \u20ac<\/p>\n\n\n\n

        \ud83d\udc49 The spread is a Cost component<\/strong>, which many underestimate.<\/p>\n\n\n\n

        4. \u2699\ufe0f How an order moves the price<\/h1>\n\n\n\n

        An order only moves the price if it executed<\/strong> becomes.<\/p>\n\n\n\n

        Example:<\/h3>\n\n\n\n

        Ask = 100.10 \u20ac You enter a market order to buy.<\/p>\n\n\n\n

        What happens?<\/p>\n\n\n\n

          \n
        • Your order hits the ask<\/li>\n\n\n\n
        • The transaction takes place at \u20ac100.10<\/li>\n\n\n\n
        • The new rate is 100,10 \u20ac<\/li>\n<\/ul>\n\n\n\n

          \ud83d\udc49 Market orders \u201etake\u201c liquidity and move the price.<\/p>\n\n\n\n

          5. \ud83e\uddca Limit orders do not move the price<\/h1>\n\n\n\n

          When you place a limit order, the following happens nothing<\/strong>, as long as nobody is prepared to trade at your price.<\/p>\n\n\n\n

          Example:<\/p>\n\n\n\n

            \n
          • You want to buy for \u20ac98<\/li>\n\n\n\n
          • The price stands at \u20ac100<\/li>\n\n\n\n
          • Your order is in the order book<\/li>\n\n\n\n
          • The course moves not<\/strong><\/li>\n<\/ul>\n\n\n\n

            \ud83d\udc49 Wait for limit orders - trade market orders.<\/p>\n\n\n\n

            6. \ud83c\udf0a Liquidity determines how much prices fluctuate<\/h1>\n\n\n\n

            Liquidity = how many buy and sell orders are in the order book.<\/p>\n\n\n\n

            High liquidity<\/h3>\n\n\n\n
              \n
            • narrow spreads<\/li>\n\n\n\n
            • Stable prices<\/li>\n\n\n\n
            • Large orders move little<\/li>\n<\/ul>\n\n\n\n

              Low liquidity<\/h3>\n\n\n\n
                \n
              • wide spreads<\/li>\n\n\n\n
              • strong fluctuations<\/li>\n\n\n\n
              • Small orders move a lot<\/li>\n<\/ul>\n\n\n\n

                \ud83d\udc49 Deshalb sind Nebenwerte volatiler als Blue Chips.<\/p>\n\n\n\n

                7. \ud83d\udcf0 Why news moves prices<\/h1>\n\n\n\n

                It is not the news itself that moves the price - but the Reaction of the orders<\/strong> in the order book.<\/p>\n\n\n\n

                Example:<\/p>\n\n\n\n

                  \n
                • Good figures \u2192 many buy orders \u2192 bid rises \u2192 price rises<\/li>\n\n\n\n
                • Poor figures \u2192 many sell orders \u2192 Ask falls \u2192 Price falls<\/li>\n<\/ul>\n\n\n\n

                  \ud83d\udc49 Change messages Supply and demand<\/strong> - not the course directly.<\/p>\n\n\n\n

                  8. \ud83e\udde0 Why share prices fluctuate even without news<\/h1>\n\n\n\n

                  Because:<\/p>\n\n\n\n

                    \n
                  • Incoming and outgoing orders<\/li>\n\n\n\n
                  • Liquidity changes<\/li>\n\n\n\n
                  • Market participants adjust expectations<\/li>\n\n\n\n
                  • Trading algorithms<\/li>\n\n\n\n
                  • capital flows take place<\/li>\n<\/ul>\n\n\n\n

                    \ud83d\udc49 The market is a living system - not a static price tag.<\/p>\n\n\n\n

                    9. \ud83e\udded What beginners should learn from this<\/h1>\n\n\n\n

                    1. the price is not a \u201evalue\u201c, but a price.<\/strong><\/h3>\n\n\n\n

                    It shows what buyers and sellers straight<\/em> are prepared to pay.<\/p>\n\n\n\n

                    2. market orders are dangerous for illiquid stocks.<\/strong><\/h3>\n\n\n\n

                    They can move the course considerably.<\/p>\n\n\n\n

                    3. Spreads sind echte Kosten.<\/strong><\/h3>\n\n\n\n

                    Especially for second-line stocks.<\/p>\n\n\n\n

                    4. news is about expectations, not facts.<\/strong><\/h3>\n\n\n\n

                    The order book reacts - not the stock exchange.<\/p>\n\n\n\n

                    5 Liquidity is crucial.<\/strong><\/h3>\n\n\n\n

                    The more orders in the book, the more stable the price.<\/p>\n\n\n\n

                    \ud83d\udcdd Conclusion<\/h1>\n\n\n\n

                    A share price is not created by banks or stock exchanges, but by Buyer and seller<\/strong>, die im Orderbuch aufeinandertreffen. Bid, Ask, Spread, Liquidit\u00e4t und Ordertypen bestimmen, wie stark Kurse schwanken und wie fair ein Preis ist.<\/p>\n\n\n\n

                    If you understand how prices really develop, you avoid rookie mistakes and make better decisions.<\/p>","protected":false},"excerpt":{"rendered":"

                    Warum Kurse nicht \u201eeinfach steigen oder fallen\u201c, sondern durch Angebot, Nachfrage und das Orderbuch bestimmt werden Viele Einsteiger glauben, der Aktienkurs werde \u201evon der B\u00f6rse festgelegt\u201c oder \u201evon Banken bestimmt\u201c. In Wahrheit entsteht der Kurs durch K\u00e4ufer und Verk\u00e4ufer, die ihre Orders ins Orderbuch stellen. Dieser Deep Dive erkl\u00e4rt das so einfach wie m\u00f6glich \u2014 […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pmpro_default_level":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[59],"tags":[],"class_list":["post-3486","post","type-post","status-publish","format-standard","hentry","category-themen-deep-dive","pmpro-has-access"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/comments?post=3486"}],"version-history":[{"count":2,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3486\/revisions"}],"predecessor-version":[{"id":3513,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/posts\/3486\/revisions\/3513"}],"wp:attachment":[{"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/media?parent=3486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/categories?post=3486"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mueckinvest.com\/en\/wp-json\/wp\/v2\/tags?post=3486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}