Theo's Poolside Discussion of Trading Delights and Disasters (BYOB)

[Wayne R]

After the "TEST" experience, I came up with another idea that I called my "fishing orders".

Spent an hour or so creating orders to buy shit for way off the market for the next day in premarket trading. Once I actually bought some 30 dollar stock for 50 cents. Trade was never cancelled.

Then one day I get a fill at 1/16th for a hundred dollar stock, 1000 shares. Damned near fell off my chair. So what I wanted to do was sell it immediately at 105. In my nervousness and my newfound buying power I actually hit the wrong buttons and BOUGHT 1000 shares at 105. EEEK!

It was the end of trading on a Friday. Sometime after market close mytrack sends me a message telling me the first trade was busted and my margin account is in a deficit and I have to clear up the problem before Monday at 15:00.

Well, the stock in question opened Monday at 110 and I made off with 5K to end the story.