posted
We all have seen it at one time or another. You cant watch the pennies for more than a day with out seeing it happen. What am I talking about? Im talking about having fat fingers on a order that you have put in. You go to sell your shares for .06 but accidentally some one put in .006. Or maybe you were going to buy at .0013 but purchased at .013. Let us feel your pain!
Well we want to hear your story! Tell us what you though you were buying at what price, what happened and how much did you loose! Or, on the other hand, you might have been on the receiving end, who knows. We want to hear all the details. Don't forget to include why this might have happened. Example; kids threw ball at keyboard, dog was sniffing crotch while typing, exc.
Remember, don't be ashamed. We learn from our mistakes, either from doing or watching others! Feel free to post about "this friend of mine" or "this guy that I worked with" but we want to hear your stories also. Thank you in advanced for your honesty.
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If your broker does not correct your entry and doesn't give you the best market price for your order then you really need to get a new broker. I don't care what I put my order in for, my broker always gives me best price. For a .006 stock it doesn't matter if I put in .007 or .06, my broker will get me the best price available and sell it to me for .006.
In the penny world, this term fat finger is often mis-understood. When you use MM's like with pennies then fat finger are usually the MM's fault. When they execute a order it does not automatically go to "Big Tape" which is where volume/price is reported and shows up on your ticker. When you place your order it is sent to a MM by your broker and if he executes it then the MM goes to a separate software and enters the transaction so it can show up on the ticker. Here is where the error takes place. The "Fat Finger" is just the wrong entry into the Big Tape software were the MM meant to put in .006 put left off a 0 and made it .06. They have such a huge turnover especially on some pennies where billions of shares change hands daily. It is actually hard to believe that it doesn't happen more often then it does.
-------------------- Invest with your brain not with your heart.
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posted
Awww, that's a shame. I always thought about putting in a sell at 10x the current PPS, to see if I could capitalize on someone's fat fingers. Oh well.
-------------------- Long term investments are simply day trades that didn't work. (except QBID :P)
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