Well crap. Not going to the gym today, because I'm waiting on a call back from my broker at Scottrade. I used a "conditional" order to short OTEX if the last trade was 48.50 or less, the first time I've ever used a "conditional" order, (they don't allow GTC stop orders for shorting). Anyway, a trade went at 48.50, but my order didn't execute. After being on hold for 5 minutes, he tells me it's because my condition for a bid of 48.50. I pointed out that it was not a bid, but a last that was the condition. After looking at it again, he said I was right, it was a "last", not a "bid". He couldn't answer me, now I'm waiting for a call back.
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- Thread starter BSAM
- Start date
Quote from BSAM:
Is the trade still in your favor?
Nope. I'd be down .77 right now if it had went, in fact 48.50 was the low of the day. Oddly, he offered to go ahead and do my trade at 48.50, I told him not to. I'm leaving the order open, I'm curious to see how it works. This isn't a stop order, this is called a conditional order, and if I understand it correctly, it's held in qued status by my broker and is not transmitted to the exchange until the "conditon" has been met. (it could be used a as a way to hid stops if you wanted to, I used it because they don't allow GTC stops to enter short). I also found a message board on the broker's website, so I posted there as well to try and find out why the order didn't go, mostly out of curiosity to see how the damb thing works.
BTW, I rarely ever call the office, in fact I've probably only called twice in the last 15 years, ever since I started trading with them on the internet. The last time I called was to get the ticker symbol for the NYSE TICK. when I asked for the symbol for the TICK, the guy who answered the phone said, "what's that?" I just hung up.
Quote from hughb:
Ike Turner, (of Ike and Tina), was born in Clarksdale. Clarksdale also has a community college.
Another city of the day choice like this one and you will be disbarred.
Well, credit Clarksdale with having a community college.
I just usually go with the consensus of the board.