To any experienced investors--I made a big mistake two days ago and could use some advice.
I recently sold 1.2 million shares of a penny stock (literally, it sells for around .01/share) when the bid/ask was around .015 x .016.
I sold at the market, which was apparently moronic. My fill got split into nine parts:
5,000 @ .015
5,000 @ .014
5,000 @ .013
5,000 @ .012
5,000 @ .011
5,000 @ .01
5,000 @ .009
5,000 @ .008
1,116,000 @ .007 (!)
To me, this constitutes a blatant and unethical walkdown. I called my broker, Ameritrade, and was told by a manager that this was a good trade for the MM. I did not view this manager as highly sympathetic to my point-of-view that I got ripped off.
I feel like an idiot since I have almost no doubts that a limit order at say, .011 to .013, would have filled just fine. I'm debating whether or not I should call and speak with a higher-up manager at Ameritrade. Does anyone have experience with these kinds of protests? Should I take my lumps and move on? Or is this the kind of problem that others have seen corrected (and I should call Ameritrade back)?
I'm too inexperienced to know how to assess this.
Thanks in advance for any replies,
Chris O'Keefe |
