Allstocks.com's Bulletin Board: Learn From My $800 Mistake

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Topic: Learn From My $800 Mistake

Time2drum
Member

posted

Okay, I'm a firm believer in learning from others mistakes as well as helping others learn from my mistakes. So, let me share with you the $800 mistake I just made as well as some behind the scenes activities we all need to be aware of.

I've had an order in to sell 10M shares of one of my holdings at .0001 for several weeks. I see trade volume every day, but my order isn't executing. So, today I come up with the brilliant idea of canceling that order and sell them at market, figuring that my market order will move up to the front of the line over the limit orders and after all, Ameritrade is showing all sales volume is at .0001, so guess that's the lowest market price that I will receive. WRONG !

My market order sells for .00002, that's five digits / $200, an $800 loss. Also, the volume doesn't change to reflect my sale. So, I call Ameritrade and speak with a supervisor. Here is what I learned:

Although you and I CAN NOT place a five digit order, nor buy at five digits, the Market Makers can. Further, the sales price and volume on your online brokerage account will never show these five digit trades, which gives a very UNFAIR advantage to MM's and a very UNFAIR disadvantage to traders by not accurately reflecting the actual sale prices and volumes. With that said, it would appear that there is an entire underground of trades that you and I are never privy to and a whole lot of misleading going on. So, please learn from my $800 mistake. It's on the house. [Frown]

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The Bigfoot
Member

Member Rated:

posted

Ouch bud. That's gotta hurt.

Yep. MM's can rape you blind if you let them. NEVER use market orders in pennies unless you need an escape hatch so badly that you don't care how much it'll cost you.

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No longer eligible for government service due to lack of tax issues.

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rimasco
Member

posted

I had a feeling tht was the case when i seen prints going off on AWBV*0.00

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"Simplicity is the ultimate sophistication"

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Tmoney
Member

Rate Member

posted

always buy with a limit, they can move the price down like they did to get your shares cheap

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a little at a time turns a penny to a dime!

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Jo4321
Member

posted

Wow, that stinks.

But thanks for sharing your story, however painful, so others can benefit from your experience.

Jo

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"Great Day for Up!"....Dr. Seuss

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Hold-em-er-fold-em
Member

posted

That sucks that the MM's can do that crap!!

That stinks man! I feel for ya!!

I'd like to hang those guys by their toes!

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Hannibull
Member

posted

yeah that happened to another guy here a couple months ago with PAIM i think it was... sorry this happened to you [Frown]

don't be depressed about this though, there's many other plays out there that can win your $800 back in no time!

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