Fight The Power! -Your Broker Just Screwed U - Now What? Message Board

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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What?

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To: TFF who wrote (38)	12/5/1998 12:13:00 AM
From: Shake-Man	Read Replies (3) of 323

I've got a question. I use Suretrade because I'm a cheapo. I put in a limit order to sell a penny stock at 9/16 one night. The next day, I call from work several times and get quotes in the low .60's after it opened at .62. I figured, "great, I got an unexpected profit from it selling in the low .60's." When I got home for lunch, I find that the sell had gone through at "exactly" 9/16. I thought that, by definition, a limit sell order is a market order as long as it is above the limit price and should therefore be executed ASAP and at the current market price. Therefore, shouldn't the order have gone through in the .60's that it lingered in all morning. After that happened, I re-read Suretrade's definitions of limit orders. They say that a limit sell order states that the limit is the lowest price the seller will except for an order, so I guess that means they can feel free to execute the order at the lowest price that you set regardless of the current trading price. Is that legal? Is is Suretrade that is doing that or the MM's? Whoever is doing it really sucks. Thanks in advance for any info you guys can provide.

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