Need some immediate help busted trade

Discussion in 'Order Execution' started by Joab, Oct 27, 2006.

  1. Joab


    I was short 500 CLB this am from 70.71

    Before I could even put a .10 hard stop in the market moved to my stop level and I entered a Buy Market to cover.

    I got filled 100 @ 72.30, 200 @ 74.00, 100 @ 75.00, 100 @ 77.13

    Net loss -1998

    The trade was busted and then they called me back 1 hour later saying that I was still short and needed to cover immediately.

    Net loss was -749

    The market was bid ask a max loss of $-150 when i pulled the trigger !!!!!

    Can anything else be done or do I have to accept this ??????

    I trade prop.
  2. was it premarket? if not i think you have a right to expect a bust.
  3. Maybe i`m still drunk from last night. But are you upset that your piss poor buy covers were busted? :confused:
  4. Surdo


    Who uses a market order on a $70 number?

    He did better after the specialist felt guilty shorting him stock up 5 bucks and did not want market surveillance up his ass.

    Some people should keep the training wheels on a few more months.
  5. dac8555


    if you ask me..that is what you get for...

    1. trading a stock with low volume
    2. going against the trend

    consider yourself lucky that the trade was busted. get out of the trade...and go punish yourself.
  6. Doesn't matter if it is a $70 stock, a 500 share market order should be absorbed within a reasonable range for a stock that does this kind of volume. I would pull up a time and sales window and see what trades were printed during that spike.

    What was on the books when you hit the order. And was it an ECN or DOT order. You should have been able to see what kind of depth there was when you hit the buy. If there was no one on the books when you hit market, then you bought the specialist and all his buddies dinner tonight and probably got lucky with the break.

    If stock other than yours traded up on that spike I would call the specialist and ask him to explain the run. If you are prop your manager should be able to help you.

  7. I see those crazy prints at 10:20

    looks like a mistake by the spec. no way they stand.
  8. Joab


    Thanks for the constructive feedback much appreciated.

    I was told that the MM was off the floor when this happened ?

    I've never had to have a trade busted before so I'm not sure of the protocol.

    Shouldn't the whole trade be flattened entry and exit ????

    Why would they shown me still short an hour later after they said it was BUSTED ??????

  9. if they busted you are still short from 70.71
  10. Surdo


    Only your wonderful cover would be busted.
    I suggest you read a book on trading or switch back to SIM mode.
    #10     Oct 27, 2006