Devastating after hours trade...SCREWED!!

Quote from bh_prop:

Actually, I did not know that but thanks for enlightening us.

But where exactly did I say anything about OP placing a market order?!? So what happens to a stop order after hours? Do they *require* a limit price with said stop? because if not what I wrote is precisely what would happen.
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I enter into trades in the AH precisely by placing a buy limit order above the current market offer. It then "converts" to a market order order. Perhaps my terminology isn't correct, that is what effectively happens. Otherwise how do you get into an AH trade without having to wait for your limit order to be hit?

Magellan
 
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!!!!!!

I couldn't believe it....I called and assured them it was not right and all they could do was look at the audit trail and it said 86 of course not 76.

So I just go totally screwed and covered my position at an even higher price than market, let alone 10 dollars higher.

It cost me over 4 grand.....I am furious. I remember seeing the 7 and do not make mistakes like this...even previewed.

Has anyone ever heard of anything like this happening? There was no way for me to get an image of the order price when I sent it.

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.

I feel I was robbed...don't know what to do about it.

Thanks for any help......
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Based on my experience, you may have been robbed by your broker.

My experiences:

1. I sent a stop order to cover, but I was filled at a price above my typed price BY the broker. Reason: the broker is internalizing your order, meaning the broker is trading against you, meaning the broker didn't send your order to the exchange. In doing so, the broker was too eager to fill you and accidently filled you at a price above your typed price, at a price the market HAS NOT REACHED YET, meaning the broker jumped the gun.

2. I sent a stop order to sell, but I was filled at a price below my typed price BY the broker, not another trader at the exchange. Because the broker jumped the gun and accidently revealed the fact that it was trading against me. (NO, Again, NO, the MARKET HAS NOT REACHED THE PRICE YET).

If a broker doesn't have a trading department, the world would be much safer.

If a broker has a trading department, the broker will do everything to steal from the account holders. Look at MF global and Lehman brothers.


To those concerned:

By the way, I did market orders routinely AFTER HOURS.

I find some of your arguments very childish and funny. When I was a kid, I used to argue about some silly things:

One kid said: That airplane can travel through the core of the earth and reach China in 50 minutes!

Another kid (Nodoji) said: No way, the core of the earth is full of water, the pilot will be drowned inside the core of the earth!

A third kid said: But the pilot will bring enough oxygen with him and then he will be able to breathe.

A fourth kid said: But, what about the sharks in the core of the earth? Would the sharks eat the airplane?
 
I cant believe all your responses......I wont even comment. Telling me to quit trading? I saw what I saw on the order preview...was a 7X.XX. Putting in a lower order AH is not a dick move....everyday people get hit far below.

The audit says 8X.XX and I DID call IB immediately and they go by what they see which was 8X.XX.

If there was any question I would let it go.....but I saw what I saw.


You guys are a bunch of aholes. I wish this were a real table talk bc SWIM would send most of you (except for a few, which I thank) home with a black eye and broken nose.
 
Yeah, and I'm sure MOST are by mistake! :)

You may or may not have made an error imputing the order but don't try and rationalize that what you were doing wasn't to take advantage of some stray order. It is what it is, no need to deny it.

Quote from gster210:

Putting in a lower order AH is not a dick move....everyday people get hit far below.

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Quote from gster210:

I cant believe all your responses......I wont even comment. Telling me to quit trading? I saw what I saw on the order preview...was a 7X.XX. Putting in a lower order AH is not a dick move....everyday people get hit far below.

The audit says 8X.XX and I DID call IB immediately and they go by what they see which was 8X.XX.

If there was any question I would let it go.....but I saw what I saw.


You guys are a bunch of aholes. I wish this were a real table talk bc SWIM would send most of you (except for a few, which I thank) home with a black eye and broken nose.
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Look on the bright side. You have 14 posts now. After you call everyone in this thread an "ahole" (one by one that is) you will have enough posts to properly critique Interactive Brokers. Remember you will need 30 posts to allow you to rip into IB. Only 16 more aholes to go!

Magellan
 
Quote from gster210:

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!!!!!!

I couldn't believe it....I called and assured them it was not right and all they could do was look at the audit trail and it said 86 of course not 76.

So I just go totally screwed and covered my position at an even higher price than market, let alone 10 dollars higher.

It cost me over 4 grand.....I am furious. I remember seeing the 7 and do not make mistakes like this...even previewed.
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I'm having trouble seeing how this cost you $4k. You said that you (tried to) put the order in for $76.40 which was $10 less than the current market price but it actually executed at $86.40 ($10 higher) - that sure sounds like you actually closed out your short at the current market price, maybe not what you intended but hardly devastating.

Couldn't you just re-short the stock at $86.40 Monday morning and the only thing you would be out is the extra commissions?

Exactly how are you out $4k?
 
Because his unrealized loss became realized.Go figure




Quote from GTS:

I'm having trouble seeing how this cost you $4k. You said that you (tried to) put the order in for $76.40 which was $10 less than the current market price but it actually executed at $86.40 ($10 higher) - that sure sounds like you actually closed out your short at the current market price, maybe not what you intended but hardly devastating.

Couldn't you just re-short the stock at $86.40 Monday morning and the only thing you would be out is the extra commissions?

Exactly how are you out $4k?
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Quote from GTS:

Exactly how are you out $4k?
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Exactly...he lost 4k because he couldn't find a more clueless trader to take him out of his existing loss.

Magellan
 
Quote from Magellan:

Exactly...he lost 4k because he couldn't find a more clueless trader to take him out of his existing loss.

Magellan
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What do you call omeone who complains that an issue cost them money they had already lost?

What do you call someone who complains when they try to take advantage of someone else's mistake and in turn get's taken advantage of by their own mistake?

What's sickening is that if he did succeed he'd be proud thinking he was a genius. But since it didn't work it's someone else's fault.
 
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