Yup, they are saying on CNBC that someone at a large firm punched in billions when they meant millions of shares or contracts on a sell. Maybe they are making that up?
Even if it was an error, I'm just glad that my trading system using TradeStation was able to keep up. This was a good trial by fire. This will be one difficult mess to clean up.
Nowadays with computers, can't we just put a check in to reject any single order in billions or hundred of millions? I don't understand how this can happen....
Exactly, panic selling at least has dip buyers coming in now and then, not a straight run down. I will add that my platform froze at ES 1099 and I was unable to buy any dip. I must now eat my chips dry...
That's what backup accounts, PCs, and phone brokers are for! My internet actually cut out part way through, just switched over to my laptop with a mobile internet card. You need to have backups in place because today you could have been stuck in a big position then got back on when it's massively against you, all your resting orders were filled etc. I have desktop, laptop, and Iphone setup to trade. And can always use phone or my 2nd cellphone if needed. Never rely on one system.
I know a guy who could not buy or sell during the run-down. Lost money. He's pissed, as he should be.
At one point my broker sent a msg saying that the volatility was creating issues with the system and to trade carefully. You think?
Just hope this means some sustained intraday movement is coming back to the markets. Tired of nickle and diming it...