lowtrade

[lowtrade]

'Dale lV'

If I'm reading you right. You had a 1 mill share sell order in, not close, when the price reached you sell target, not event a partial fill, all day.

When you called your broker he said open smaller order sizes, pay more commisions and close with frequent orders. This is stealing!!! And IMO you could report this to the SEC. Also if a stock trades 20 million shares during the day and your 1 million shares don't trade in a lump, I'd understand. It's only 20 1 mill trades. Or 40 500k or 80 250k trades and that number of orders in a sell line is very possible. Channel stocks always take time to close.

I just posted about this happening the other day. I was posting about needing patients, when playing channel stocks. Musical chairs and trying to sell at the channel high.
http://www.investorshub.com/boards/read_msg.asp?message_id=10399634

Here is what I would have done. Placed a GTC limit order to sell 1 million shares at .0008. GTC is a good till closed order and gets one transaction fee for the total fill, no matter how many partial fills it takes. Also GTC orders last for 30 days. By doing this, your order could take 5,10,20 partial fills and still only cost you one transaction fee.

The problem area, with this, may be, that your broker may (through internal rules) change your GTC order, to a day order, the minute the 1st partial fill occurs. Then it would be possible for the order to partial close, without staying live the complete 30 days. But it should stay open day after day, filling as little or large as the market will handle until completely filled or the 30 days is reached.

You need to keep calling you broker, until you get someone that seems to not be trying to steal your money and ask about how they handle GTC orders. The guy you talked to, should be fired. But you should confirm how your broker treats Good till closed orders. Does your broker change a GTC order, to a day order, once a partial fill occurs?

If they do, then the order may have several partial fills during the day and be closed without being completely filled. You'll have to do the same thing over the next day.

The other thing you can do, is use a AON with the GTC and the order will sit, up to 30 days, until a 1 million share buy order comes.