So... I'm really not a career trader, just an aspiring one. That's probably why I don't know the answer to this one. What the heck is a busted trade? I've done enough googling around to guess what it basically is. I know IB charges you $50 to declare a busted trade. My guess is that you have some fixed amount of time to declare a busted trade (due to "mistake"), and get the trade reversed. Can someone fill in the details? Do you get in trouble for frequently "busting" a trade? How do they crack down on people who basically take speculative positions, and then "bust" the trade within 20 minutes if it doesn't go there way> There are absolutely times when this is potentially useful to me, especially since I'm auto-trading (and code can sometimes go bad). And the $50 cost is really a joke, considering how much a trade going the wrong way usually costs me. I just want to make sure I understand the process.