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Devastating after hours trade...SCREWED!!
- Thread starter gster210
- Start date
It doesn't matter if you are an engineer or rocket scientist or whatever, you are human. Humans make mistakes. Also, as an engineer, you should know that a 7 doesn't magically and randomly turn into a 8.Quote from gster210:
Hi all,
During AH Friday....I put in an order thru IB for ten dollars LESS than the current price of a stock I had shorted, that had risen...just to see if it would get hit...if someone really wanted it or mistyped.
So I type in 76.40 and checked it three times....even hit preview on IB...and see 76.40...I am POSITIVE.
So I execute and immediately my order gets hit at 86.40 and 86.65!!!!!!
...
Im really upset, as an engineer I have been trained to keep an eye on numbers. I would NOT have made this mistake and I know I DIDNT type in what they claim I did.
...
It sucks to have a loss like that, but don't blame it on IB changing your order.
I still don't get it. It seems like you submitted a limit sell order in a thin market and got matched and filled..
Quote from NvrSettLe:
It was most likely your mistake and I can almost guarantee if you check the logs again you will see that you entered a buy STOP limit instead of a buy Limit. You chose the wrong order type. A buy stop limit would protect you if your short position exceeded a certain price and then would become a market order. In this case you entered a buy stop limit order at 76 but since the stock was already trading above that price it was automatically triggered and became a market order and filled at the price that was currently available. So you would have seen 76 on the screen when entering order but you didn't check the order type enough times to see the error.
yeah i think you paid to much attention to checking the AH box but forgot to check the order type.
Quote from gster210:
Hi all,
During AH Friday....I put in an order thru IB for ten dollars LESS than the current price of a stock I had shorted, that had risen...just to see if it would get hit...if someone really wanted it or mistyped.
I feel I was robbed...don't know what to do about it.
so you wanted to rob someone than got robbed in the process and now whine about it?
i know how to fund an insurance fund for futures like sipc - whenever a trader makes a mistake, falsely accuses his broker of corruption on a public forum and then claims that his career profession prevents him from ever making mistakes then that trader's account should be "donated" to the insurance fund.
i'm sure every one of us here have made a mistake trading. for the op you know what we did? we went back and found the mistake, wrote down the lesson so it doesn't happen again and took the loss like a man (or a woman) - not like a 6 year old whose mom won't buy him what he wants at toys r us.
i'm sure every one of us here have made a mistake trading. for the op you know what we did? we went back and found the mistake, wrote down the lesson so it doesn't happen again and took the loss like a man (or a woman) - not like a 6 year old whose mom won't buy him what he wants at toys r us.
Quote from NvrSettLe:
It was most likely your mistake and I can almost guarantee if you check the logs again you will see that you entered a buy STOP limit instead of a buy Limit. You chose the wrong order type. A buy stop limit would protect you if your short position exceeded a certain price and then would become a market order. In this case you entered a buy stop limit order at 76 but since the stock was already trading above that price it was automatically triggered and became a market order and filled at the price that was currently available. So you would have seen 76 on the screen when entering order but you didn't check the order type enough times to see the error.
I would guess this as well, I would think there would have been an autocheck for an stop order that would auto-exe, but most people cant be bothered to put those safety nets in place. But he probably would have gotten a break or and adjustment(say the high of the day) if he had know to call IB immediately.
This was done after hours. Different rules. Different protections.
I don't think there is even a best executions protection, which is why the OP thought he could steal $10 from someone else in the first place.
I don't think there is even a best executions protection, which is why the OP thought he could steal $10 from someone else in the first place.
Why don't you show us the audit log line that corresponds to this particular trade? Don't doctor it either. It will show that you screwed up. I have done hundreds of thousands of trades through IB and if there was ever a mistake in pricing it was because of my own stupid fault. So take some responsibility.
And second of all, you are a prick. You've told us you were trying to pick somebody off on a pricing error and then you screw yourself over. Sounds like it was the right outcome for a dick move. So stop being a dick.
And second of all, you are a prick. You've told us you were trying to pick somebody off on a pricing error and then you screw yourself over. Sounds like it was the right outcome for a dick move. So stop being a dick.
I hate to harp on you (OP), but what you did (or at least trying to do) - justified or not - isn't called for in the markets. Obviously it's not illegal, but certainly unethical, and is most definitely closer to robbing someone or abusing post market than it is a legitimate trading gain. I don't think even ONE street guy would be laughing with you at Veritas or Top of the Tower if you told that story some Friday night. While no one would certainly be mad if you did this at a firm, it wouldn't be a positive thing if you were getting promoted either.Quote from asap:
so you wanted to rob someone than got robbed in the process and now whine about it?
There are software products out there that record your screen activity and run in the background. I don't think it would mean a thing as far as getting your money back, but you would at least know. Just don't be Nixon with it.
Don't try to screw some poor TD Ameritrade cash account home gamer, no matter how dumb or how big of a loser they may be. Or even a rich guy in his New Canaan firm office.
*$4,000Quote from newwurldmn:
This was done after hours. Different rules. Different protections.
I don't think there is even a best executions protection, which is why the OP thought he could steal $10 from someone else in the first place.