Robinhood User Says $300,000 Restored From Hack, Then Taken Back

[OptionsOptionsOptions]

Now try this on illiquid options with very wide spreads

Do you have an example?

 

[guru]

Do you have an example?

Yeah, the guy who's lost $100K:

https://www.reddit.com/r/path%3D%252Fr%252Foptions%252Fcomments%252Fkj5pa5%252F

Robinhood also disallows such orders because of plenty of examples, their own advisors and experienced traders advising them not allow such orders due to disastrous results. And you won't find many people (if any) who'd advise anyone to use market orders for trading options. There are thousands of posts online advising everyone against this.
I myself probably have lost $100K+ over several years trading options due to slippage, and not even using market orders except when by accident.
I mean slippage does exist, doesn't it? And it will be worse when you don't do anything to minimize it, right?

 

[OptionsOptionsOptions]

@guru .......You are just regurgitating stuff you read on the internet without knowing any details. That guy did not loose $100,000 due to a bad fill on a Market Order.

Market Orders are perfectly safe with good fills on Nasdaq and NYSE stocks.

 

[guru]

@guru .......You are just regurgitating stuff you read on the internet without knowing any details. That guy did not loose $100,000 due to a bad fill on a Market Order.

Market Orders are perfectly safe with good fills on Nasdaq and NYSE stocks.

We’re talking about options, not stocks.
While I’ve experienced this plenty of times myself, so I’m no longer using market orders to provide an example. Show any of your market fill examples on any option or combo with a cost bid/ask spread wider than $0.20.
I trade plenty of those using limit orders.

 

[OptionsOptionsOptions]

We’re talking about options, not stocks.

Yes .... I am also talking about options. For Nasdaq and NYSE stocks.

 

[newwurldmn]

Yeah, the guy who's lost $100K:

https://www.reddit.com/r/path%3D%252Fr%252Foptions%252Fcomments%252Fkj5pa5%252F

Robinhood also disallows such orders because of plenty of examples, their own advisors and experienced traders advising them not allow such orders due to disastrous results. And you won't find many people (if any) who'd advise anyone to use market orders for trading options. There are thousands of posts online advising everyone against this.
I myself probably have lost $100K+ over several years trading options due to slippage, and not even using market orders except when by accident.
I mean slippage does exist, doesn't it? And it will be worse when you don't do anything to minimize it, right?

I lost 30k trading a spread by missing a dollar figure a month ago.

Spread was 20 at 26 and I was trying to trade at 22 and accidentally type in 21. It happens.

 

[OptionsOptionsOptions]

I lost 30k trading a spread by missing a dollar figure a month ago.

Spread was 20 at 26 and I was trying to trade at 22 and accidentally type in 21. It happens.

That appears to be a Fat Finger mistake.

 

[TrailerParkTed]

So are telephones, period. Now it's "smartphones".

Think about it. When was the last time you ever read/heard the word "telephone" uttered in media, or in public, or anywhere in recent years? So weird.

I want the Tardis, their cool!

 

[TrailerParkTed]

Now try this on illiquid options with very wide spreads

I doubt he uses Market Orders on stocks with a $.50 bid x $5.00 Ask.

 

[TrailerParkTed]

That appears to be a Fat Finger mistake.

A while back I had options on several routes limit priced at $1.70-$2.90 stacked each dime. The bid x ask $1.00 x 1.10 less than a minute to go. I was happy to carry most over another day because it was a hot play. A Market order comes in and took out all the contracts up to $2.30. My orders from $1.80-$2.30 got wiped out and a print of 1000@$2.40 at 16:00:30 finally appeared. The stock only moved $.20 not enough for that kind of sloppiness. Was that a fat finger or prearranged last second panic? The last trades before the block printed $1.29 at 15:59:59. What happened?