I remember that and you kind of missed my point. NAZ made you an illegal short and illegal shorts can lose money. If you make money on an illegal short then the firm you work for can take away the profits. Youâre not aloud to profit from an illegal short but you can lose on one.
My non-trading friends think I am exaggerating when I tell them how crooked the street really is. Shouldn't IB have told Naz to go pound sand, that the issue was already lower and besides, they shouldn't have taken so long? We need to have some kinda Traders Union with a couple lawyers on tap. And maybe Guido with a Louisville Slugger, just in case the delicate negotiations fail.
My suggestion is to keep the $11,000 in a slush fund that you can use later to cover your ass when NASDAQ busts on you the opposite way. The busting rules are enforced in such a random way as to be almost meaningless.
wait a minute, wait. wtf is going on here? If one made a trading error then that one will have to absorb the loss...Isn't that what fairness is supposed to be? Why do everyone have to get busted for some big shot who made an error?
when shit like this happens. It reminds you that the trader jumping into stocks, that moved excessively like coco, or elx at that time or olgr - today, can have a great profit turn into a huge loss if nasdaq decides to cancel the trade. the best way to protect yourself if you do decide to trade the issue...keep your size of trade small if its only one purchase or one sale.......in this case...what if the nasdaq had decided to cancel the sale side that would be -11k for him. its all part of the game.