Momentum Daytrading - Tricks of the Trade Message Board

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Strategies & Market Trends : Momentum Daytrading - Tricks of the Trade

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To: steve fishoff who wrote (553)	2/20/1998 5:39:00 AM
From: Ron	Read Replies (3) of 2120

Not to change the subject or the thread, but, I think that I have been 'Tricked in this Trade' by ETrade or the MMs. Please hear me out. Recently I placed a limit order for 900 shares of xyz for x. I thought that I saw the order go by on my real time quotes screen so I went back to my ETrade open orders screen and sure enough I had a message confirming that the trade had gone through. I then placed a limit sell order at x+1/8 and returned to my RTQ screen. The stock went up the 1/8 and I thought I saw the trade go by again so I happily returned to the ETrade open order screen and sure enough I had a message confirming that I had indeed sold the 900 shares of x at x+1/8. I quickly punched in another buy order for x at the same price as I had bought it earlier and returned to my RTQ screen. Sure enough the stock dipped down again and I returned to the ETrade open order screen to get my confirmation message. The trade was confirmed, but, there was another message informing me that my first buy order had been reversed, and then another message informing me that my first sell order had been reversed! So there I was with 900 shares of X and of course the stock went down from there. I began the struggle with E*Trade customer service and they denied all responsibility--placing the blame on the MMs. I demanded satisfaction! They offered to compensate me x$ for what I should have made on the 2 reversed trades, but, they would not reverse the 2nd buy order, i.e. I would still be stuck with the 900 shares of x. They also said that I could file a trade inquiry and that it would probably get shot down anyway. Never having filed a trade inquiry (I am a rookie in this realm) I took their offer. Of course the stock is down better than a point now and I am left 2nd guessing myself. What the hell happened here? I would appreciate your input/advice. Lucky Ron

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