Fat Finger Mistake

P

Palindrome

I woke up Monday Morning, groggy, put a long trade on (using round numbers)

Nasdaq futures were trading at 6000, I put a limit order to buy @ 9000 with a stop at 8950. (Mistake obviously).

IB immediately filled my order at 6000 and sold me out of it at 5999 (remember I had a stop at 8950... mistake).

Thanks god, but how come IB did not fill my purchase at 9000? Was it because My volume was not big enough?
 
With no appreciable bid-ask spread, the market slipped down, your LIMIT-BUY hit the market and was executed at the first hit above BID. Since it was also below your 8950 trigger, that order too went to market, again at the first available bid below the market ASK at the time -- 5999.

"Good work if you can find it!"
 
Palindrome said:
I woke up Monday Morning, groggy, put a long trade on (using round numbers)

Nasdaq futures were trading at 6000, I put a limit order to buy @ 9000 with a stop at 8950. (Mistake obviously).

IB immediately filled my order at 6000 and sold me out of it at 5999 (remember I had a stop at 8950... mistake).

Thanks god, but how come IB did not fill my purchase at 9000? Was it because My volume was not big enough?
More...
LOL...Please Stop!
 
tommcginnis said:
With no appreciable bid-ask spread, the market slipped down, your LIMIT-BUY hit the market and was executed at the first hit above BID. Since it was also below your 8950 trigger, that order too went to market, again at the first available bid below the market ASK at the time -- 5999.

"Good work if you can find it!"
More...

Thanks McGinnis, So the market does not allow for buys ever to be well above the market? I guess there are programs to stop this from happening to not allow market manipulation.... OR Fat Finger Idiots like me? ( I ended up making a fair amount of money that day, which was hilarious in hindsight)
 
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