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Non-Tech : E*Trade (NYSE:ET)
ET 17.35-0.6%Jan 16 3:59 PM EST
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To: Jerry Miller who wrote (4358)1/19/1999 12:52:00 PM
From: Jma  Read Replies (3) of 13953
 
I have a problem with my ETRADE account and I would appreciate it very much if someone could shed some light on this. I contacted ETRADE through E-Mail regarding the following problem without any response so far.
I had 1000 shares of a particular stock and I placed a limit sell order on 1000 shares, I also placed a stop limit sell order on 1000 shares of this same stock. My
intention was to sell it when the price goes up to my target and also sell it when the price drops below a particular price. Both orders were accepted by ETRADE
without any problem. I assumed only one order can be executed since I only had 1000 shares in my account. Unfortunately
as it turned out, both orders were executed by ETRADE and I was over committed by 1000 shares. I called the customer service (
after waiting online for 1 hour) and I was told the system could normally catch this type of error, but if the system did not catch the error,
then I have to be responsible for it. I was told I need to buy back 1000 shares otherwise ETRADE would do it for me. I immediately
bought back 1000 shares at a lower price (I assume I made money , but it does not show up on my tax record?). This whole thing happened a week ago.
My Account now shows I have NO position on this stock, but my portfolio shows I still have 1000 shares of this stock and I'm losing a lot of money on it since the price is
dropping everyday.
My questions are: 1. Has anybody had this type of problems with ETRADE? Or is it unique to me?
2. Should I believe my Account or my Portfolio with respect to this particular stock? In other word, do I still have any positions on this stock or not?
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