You are probably lucky that someone from surveillance didnt' bust you for trading with yourself...(I'm not saying for sure, but as I understand the rules, you may have very well done so). Don
How would they notice such a thing in the middle of a trading day? Not talking about a trade $1 away from the last price at 4:45 pm
I always thought your clearing firm may find it later and stick you with a bad position so I was told to tell my broker about it immedaitely so they can break it. I've done that a number of times on smaller fills that I just don't worry about but with 10k I would definately be concerned.
madmunny, that was market manipulation x 2. 1. Placing buy orders with the intent of affecting the free market for the stock. From asx.com.au ... "Market manipulation describes a deliberate attempt to interfere with the free and fair operation of the market and create artificial, false or misleading appearances with respect to the price of, or market for, a stock. This is typically done either by spreading false or misleading information in order to influence others to trade in a particular way, or by using buying and selling orders deliberately to affect prices or turnover, in order to create an opportunity for profit." 2. Trading with yourself (it was a wash trade)
ooops i thot i read he was offerin' on inet not biddin'. ja, doniz is right, he tried to manipulate the mkt.
ya, market manipulation is so rare on the nyse and nasdaq, I am sure madmunny was the only one posting large orders to help himself get out of the trade. HAHA, pirates are known for their sarcasm, and bad spelling.
You're totally clueless. Most large bids & offers on the NY Open Book are "fake", same goes for S&P market depth. Not too different on Naz Level II, or the the squeaky clean specialist flashing 100K+ bids/offers that seems to dissapear once someone needs to hit it. But if any of these orders get grabbed or hit, they get filled, (except for specialists & MMs, of course). So there is no way to prove market mainuplation. How do you know that the trader is not putting out large bids that he only wants filled during a spike? I know someone who trades exactly like that, unless the price spikes up or down to fill his order, he cancels it.
I said it was market manipulation. I didn't say he would get nailed for it. However, wash trades are a pretty egregious violation of securities laws. He wouldn't get away with too many of those. PS, Perhaps your posts would in general be more warmly received if you didn't start off insulting people (especially baselessly).