**OT**
Hi Uri. If this sounds patronizing, just ignore the message.
You should really never use market orders, especially on highly volatile stocks. As someone told you in the EGRP thread, the moment you click on "execute", the order is gone in the pipe and there's nothing you can do. Actually E*Trade does not accept market order cancellations any longer.
E*Trade is sometimes slow on reporting trades, but not that bad at execution (in MY experience).
So my advice: always, always use limit orders; if you want to be "sure" to get a stock which price is increasing quickly, without ending up paying more than you can afford, put a limit buy ABOVE the current price; that means it will be treated as a market order (since you put the limit price above the current price), but in case there is an issue you are sure it will not be executed at a very high price you cannot afford.
With all this said, indeed crazy that E*Trade executed a trade that you could not fund, especially if you do not have a margin account.
All IMHO, just trying to be helpful. |
