posted
Hi I am currently new at trading stocks and am currently learning from my mistakes. I started by buying 5,000 shares of siri when it was at 6.40 a share so that was a smart move so far. After coming across this BB i realized you people are very smart at this and it seems like a good way to get into the stock market at 20 years old. On friday threw fidelity i bought 10.5 million shares of qant. I did them individual by 1 million at a time whenever i would see the price go down to .0001. My problem is on the confirmation page it showed everytime that i was paying .0001 for the shares but after i bought and sold 10.5 million shares my account showed me that i bought the shares at .0002 and sold them all at .0001. It was a market order when i found out i should of done a limit order. But is there any rule or law against a company for not informing you that you are losing money over and over again when any reasonable person can see that you would never buy 10.5 million shares for .0002 then sell them right away for less. The only reason i ask at the bottom of the page on fidelity it says "Note if you sell shares at a loss and you purchase additional shares of a substantially identical security 30 days before or after the sale (within a 61-day window), the purchase may result in the loss being deferred until you sell the newly purchased shares under the "wash sale" provisions of the Internal Revenue Code." If someone could please help me i would appreciate it greatly. If i am just an amatuer making a mistake that alot of people do then just tell me beacuse it tought me a lesson. Thank you
Posts: 50 | From: bloomfield | Registered: Dec 2004
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posted
Sorry to say that because you used a market order instead of a limit order you will probably have to take the loss. I know that is a crappy way to learn about market and limit orders, but because it is your doing, and not the brokerage companies fault, I doubt you will be allowed to get your money back. Sorry you had to learn that the hard way.
Posts: 1120 | From: San Diego, CA | Registered: Feb 2000
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posted
if i put in a limit order for 10.5 million shares would it ever even go threw or just stay open? would it be better to do abunch of smaller orders instead of 1 big one? sorry for all the questions i just need intelligent peoples guidance on a subject like this.
Posts: 50 | From: bloomfield | Registered: Dec 2004
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posted
You could put in a limit order for 10.5 million and it can still be bought in smaller chunks. I use Freetrade and have the option of "all or none". If I click that when I place a sell, my order will not be filled unless someone buys the whole block. I never use that option and most of the time if I sell a large block of stock, it will usually be bought in smaller chunks.
Posts: 1120 | From: San Diego, CA | Registered: Feb 2000
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posted
it sounds like it was an electronical mistake if it said u puchased at .0001. If it did not say that, it is your fault. I would call them up. Last week I was on hold with 3 different people from etrade. One hour later, I had my 5000 dollars that they claimed I owed them.
Posts: 215 | From: new york | Registered: Dec 2004
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posted
Compound, when i clicked "preview order" it said the price it would cost at .0001 then when i go back and check the orders now it says ibought them at .0002. when i called all they would do was knock off the commision on each othe deals. Think i should contact them again?
Posts: 50 | From: bloomfield | Registered: Dec 2004
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posted
Always use limit orders when trading pennies. Set your buy/sell price, select the type of buy/sell as limit.... and as an option, select All or none...AON....I've had no problem (recently) with this method using Etrade for pennies....
Marty
[This message has been edited by Marty (edited December 20, 2004).]
posted
i would try again if i were you, but it doesn't sound like they will budge. Obviously brokers don't usually reimburse anyone on claims.
Posts: 215 | From: new york | Registered: Dec 2004
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quote:Originally posted by uhartford686: Hi I am currently new at trading stocks and am currently learning from my mistakes. I started by buying 5,000 shares of siri when it was at 6.40 a share so that was a smart move so far. After coming across this BB i realized you people are very smart at this and it seems like a good way to get into the stock market at 20 years old. On friday threw fidelity i bought 10.5 million shares of qant. I did them individual by 1 million at a time whenever i would see the price go down to .0001. My problem is on the confirmation page it showed everytime that i was paying .0001 for the shares but after i bought and sold 10.5 million shares my account showed me that i bought the shares at .0002 and sold them all at .0001. It was a market order when i found out i should of done a limit order. But is there any rule or law against a company for not informing you that you are losing money over and over again when any reasonable person can see that you would never buy 10.5 million shares for .0002 then sell them right away for less. The only reason i ask at the bottom of the page on fidelity it says "Note if you sell shares at a loss and you purchase additional shares of a substantially identical security 30 days before or after the sale (within a 61-day window), the purchase may result in the loss being deferred until you sell the newly purchased shares under the "wash sale" provisions of the Internal Revenue Code." If someone could please help me i would appreciate it greatly. If i am just an amatuer making a mistake that alot of people do then just tell me beacuse it tought me a lesson. Thank you
Get a New Broker. Thats bull**** ask for that much money in free trades or you going to sue them. It didn't show you correctly. Sercurity exchange commision might be able to help.
Posts: 7 | From: Las Vegas,NV USA | Registered: Dec 2004
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posted
let me clear this up.. just because you put the order in at .0001 does not mean u will get filled at that price.. remember it takes time for your order to get from ur keyboard to ur broker to the market itself and back.. even if it takes a millisecond.. the market is always moving and does not stop just so you get filled at .0001.. i have put in orders at let's say 1.10 but get filled at 1.12... obviously its not the brokers system or our computer etc.. its the market.. it does not stand still for Machiavelli to make sure he gets filled at 1.10 and not a penny more... hope this helps...
Posts: 4669 | Registered: Mar 2004
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