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Tuesday, August 25, 2009 1:26:26 PM
As one horrendous example of "Market Orders" gone bad; There was a company that was associated w/the huge Vanda 'pop' a few months ago. Their stock was trading at .05 on a Friday...the VANDA news 'popped' late that same Friday. Over the weekend, some newbie investors found out about this symbiotic company lurking in the shadows. Although people tried to warn them otherwise, many of these newbies put in M.O's for 100's of 1,000's of shates at .05
When the market opened on Monday, the opening PPS was $1.40+"each". Their MO buy orders went thru and a "lot" of folks went bankrupt, with no means or hope of ever being able to cover the cost (it even cost one guy his marriage). The PPS on that stock opened at $1.40+ , went to $1.70 w/in 5 minutes and back down to .69cents 10 minutes later. It is just now getting back to $1.70, 3 months later.
Moral of the story...ALWAYS use LIMITS
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