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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What? -- Ignore unavailable to you. Want to Upgrade?

To: Shake-Man who wrote (45)	12/5/1998 2:10:00 AM
From: Impristine	Respond to of 323

I don't know about you, man, but i love it when my broker screws me....

To: Shake-Man who wrote (45)	12/5/1998 9:25:00 AM
From: Eric P	Respond to of 323

Shake-man: We should all recognize the differences at the open for trading and exchange (NYSE/AMEX) listed stock versus trading a Nasdaq stock (I assume pennies trade similarly). 1) On exchange listed stocks, stocks open at a single price: The OPEN price. All investors that have market orders at the open, or limit orders which are marketable at the open price are ENTITLED to a fill at the open price. The specialist matches up buy and sell orders to fill everyone at that same price. 2) On Nasdaq, or for pennies, there is no specialist. Instead, there is a market maker system. The market makers make money by buying from customers at the bid, and selling to customers at the ask. There is no central person responsible for matching orders at the open or close to ensure everyone gets the same "Open" price. Therefore, you will hear people refer to the "Opening Range". The opening range is the bid / ask for that stock at the open. For example, in your case, the stock may have opened at 1/2 bid and 5/8 ask. The opening range would therefore have been 1/2 to 5/8. Investors with market buy orders would have been filled at 5/8. People with market sell orders would have been filled at 1/2 and you were filled at your limit price of 9/16. The actual "Open" price you are quoted can be any of these prices that had fills at the open. In your case, it happened to be 5/8, or 0.625. I hope that helps. -Eric

To: Shake-Man who wrote (45)	12/5/1998 10:35:00 AM
From: articwarrior	Respond to of 323

"I put in a limit order to sell a penny stock at 9/16 one night" Your statement explains why the limit order did not go off correctly. SureTrade or most other discount brokerages don't allow penny stocks to have limit orders. Stocks have to be 5 and over for them to work. Now here is the real kicker...They do not post this data anywhere on their site. They claim that their Clearinghouse has this rule and they can do nothing about it. The broker also says that anyone should know about this rule! I say if the web site doesn't state a dollar limitation for limit trades they should live up to honoring your order. Cavet Emptor Let the buyer beware.....