Did something stupid, need advice

Discussion in 'Order Execution' started by billyh, Dec 7, 2010.

  1. billyh


    Hey guys I've been trading for a few years now. I recently started having fun programming different trading keys on my front end.

    I created a massive bid/offer key with multiple ECNs just so can increase my chances of getting filled on bid/offer in low priced high volume stocks.

    I was inside hidden offer and hit my mega ECN key and got filled on 300 shares. Messing around like this is totally stupid I realize this. Mind you it was a 2 cent spread. I literally saved myself 3 bucks.

    Later in the day I received an email from my brokerage firm accusing me of quote layers and asking me to explain myself.

    I realize it's stupid to show size--- but I was just playing around with a new key that I had created, never in a million years would I expect this to happen.

    This is my first post, but being a lone wolf I don't really have any trading buddies or resources to talk to. How would you recommend I deal with this situation? Should I call an attorney?

    Any and all advice would be appreciated.
  2. billyh


  3. Roark


    Need more details. Which front end were you using and what broker?
  4. Redneck


    Be upfront and send in an email explaining what happen/ what you were doing...

    You may receive an email back say don’t do that again…, or nothing….

    That should be the end of it

    I received and inquiry last year – emailed in an explanation and never heard anything more of it…

  5. Send the explanation you wrote and you will be fine, no lawyers required. You only did what some HFT algos do 100 000 times a day. Can only imagine how many letters they must be generating. Good luck.
  6. oraclewizard77

    oraclewizard77 Moderator

  7. ammo


    was probably a dick hft firm trader and you beat him out of stealing,good for you, tell him to go jump in the lake
  8. olias


    I agree with the others; you're explanation should be fine. I don't see what better reason you can give other than it was basically a mistake.
  9. ammo


    the computer limits your size to your acct, if you weren't over margin and your an individual with a smaller acct than any funds, i doubt your trade will hit the radar
  10. Just send a Xmas gift to your brokerage..things are gonna be just fine.

    In Dec, any matter can be solved by sending Xmas gifts.
    #10     Dec 12, 2010