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Strategies & Market Trends : Position Trading Forum -- Ignore unavailable to you. Want to Upgrade?

To: Tim Luke who wrote (3629)	10/17/1998 4:08:00 PM
From: BarbaraT	Read Replies (2) \| Respond to of 7247

Lamar ... Hate to say this but I think your goose is cooked. I had a similar problem with National Discount. I put in an order to sell at break even and when it didn't get filled I put in another at a loss. That did fill. Then the stock went up and the other order also got filled and became a "short" even though I don't have the account set up for margin/shorting. It happened so fast that I could not even cancel the trade on the computer before it turned around and filled on me. I called NDB and they told me that (1) I should have canceled the trade before I replaced it. I explained that I did not have the luxury of time since the stock was falling too fast and that I tried to cancel the trade after placing the other order ... but first the website went down and went I got back up it was filled. (2) I could have always called a "live" broker to cancel the order if the website went down. They sympathized but informed me that the trade was placed and it was my responsibility to cancel it. Even though the account was not set up for shorting ... that's what it essentially becomes when you sell something you do not have. Normally the computer will not take a trade on a stock that isn't in the account ... but it does take it while the stock is still in the account. So ... they gave me 3 commission free trades which was the best they could do. I lost $2200 in 5 minutes. An expensive lesson ... but I always cancel an order before placing a new one. Sorry, I think NDB is the best when it comes to this kind of thing but if I couldn't succeed (especially since their internet site went down) I don't think you will have much better luck. Guess a lot of us have been there.