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Alias Born 07/09/2009

Re: None

Tuesday, 08/11/2009 1:54:04 AM

Tuesday, August 11, 2009 1:54:04 AM

Post# of 13493
Might have been a blank-check"MarketOrder'...if the buyer is savvy, he'll protest and get it resolved as a "busted trade" (applicable here if that was the case). The MM could claim it was a 'typo' (.0006 vs. .06) and get away w/not being punished if caught.

Although not exactly the same, I saw a nightmare unfold when a whole series of "Market Orders"made by novices in TTNP a few months ago---TTNP was at .05 on a Friday and opened at $1.48 the following Monday (a bi-product of the Vanda pop). These folks got nailed to the wall ..many later said that their brokers wouldn't bust the trades---even though the costs far exceeded (some by over $100K) their account balances and TTNP wasn't a 'marginable' stock. As a reference, my Schwab account would automatically reject any trade that exceeded my account balance (except on a 'marginable' stock'). Either way, thats a hard lesson on the value of putting in "Limit Orders" vs. the dreaded "Market Order"(should be outlawed imo).
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