buying SPY for 3 dollars?

Discussion in 'Trading' started by ghettotrade, Mar 1, 2011.

  1. Is it possible if I put 20,000 order for 3 dollars if someone makes a mistake super market orders even if I am 3rd to last I can get stocks cheap right?

    or is something setup that blocks me from getting 20000 of SPY for 3 dollars no matter what?
  2. i send the order to ARCA why am I not seeing it on that openbook thing? why dont I see 20000 3 dollars on the bottom areas? of that book.
  3. GTG


    For one thing, your counter-party will probably have the trade busted if you ever were to get filled.
  4. luisHK


    Hush hush Getthotrade, or another nigga gonna bid 3.01 and steal your trade :D
  5. that's ghetto.....

    don't waste your time noob. let's say i accidentally hit your bids at $3. all i gotta do is call Arca and ask to bust the trade.....they call you and notify you it's a busted trade...... your chances are better if price is closer to the current price. then you can negotiate the bust price.........
  6. busted by what the cops? they cant go back and call the wallstreet cops.

    fair an square i said only 3 dollars and if you say its okay for 3 and sell why go back on your word?

    if you go sell a rolex to the pawnshop for 50 dollars you cant go back and ask to get more.
  7. ya know if the heat comes and you gotta unload 20000 of spy fast cause you got troubles and I am the only one in town with my pawn shop open and i take your stock and give you 60000 dollars
    thats fair

    if i gave you fast money cause no one open i should not get busted for fair and square transaction.
  8. Most likely there would be 100s if not 1000s of individual orders in place that would get filled before yours would.

    Surely some people have orders for $120, $115, $110, $105, etc, etc. and remember that even if you order say 20,000 shares, and they aren't offering to buy that many and someone puts in a Fat-Finger order to sell for $3, it would probably fill at 2,000 shares for $120, 3000 for $119.80, 5000 for $119.70, etc, etc.

    The only way I have seen this work is with illiquid, maybe penny or subpenny stocks. Then it is certainly possible it could happen (for example putting an order in to buy a $1.00 stock for $.11)

  9. jo0477


    So by being the only pawn open, you're assuming that you're the only bidder on SPY @ 3.00 so therefore no other bids above that price to fill a market order....

    Ridiculous, and if thats the case we're done anyway

    It's well within the exchange's right to bust a trade that far from the NBBO. You stated yourself that you're hoping for a super market mistake NOT being the only one "open for business". No chance that trade ever stands
  10. Kubinec


    #10     Mar 1, 2011