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Books-A-Million Inc. Message Board

  • yummi_research_2005 yummi_research_2005 Jun 23, 2005 4:36 AM Flag

    1998 made $400 KTEL, lost $6k on BAMM

     

    on that fateful November day.

    I was using quick and reilly at the time (theives).

    I put in a market order @ 19 for $10k worth of stock. Usually Id know in less than a minuet if it was filled. No response. So I attempted to call the broker to cancel it. Phone lines were busy for hours (ahh the bad old days). At the time you could cancel an "unfilled" order online - even supposedly market orders. So I clicked cancel and that was it. Then 3 days later I learned the order was filled - AT $39!!!!!!!

    THE PIECE OF GARBAGE WAS $15 WHEN I FOUND OUT! I IMMEDIATELY DUMPED THE SHARES TO COVER A MARGIN CALL - $6,000 GONE!

    !@#$%! THEIVES!

    I tried to recover the money, arguing that even though you cant cancel a market order, the system made you think you could by providing a cancel button and the words "cancelled" by the uncompleted order. They basically said "FU". I should have went to abitration where an industry hack would have officially told me to screw off.

    Bastards!

    This topic is deleted.
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    • I may be able to help you here. A similar thing happened to me with TD in Canada. The order said Cancelled but it was actually filled...the caveat is that all cancelled orders are subject to prior fill. However, if the order screen says Cancelled, you do have a case. I fought TD and won on similar situation...When Corel was 15.00 they bought back my 1000 shares from me at 56.59 and they reversed the commission. Let me know and I may be able to help you...I hope you kept some of the paperwork and also the information on the trading platform.

    • It was only like 3 years ago or so I even knew what a limit order was. I used to do all my trades as market orders. With the small stocks I invest in I was really playing with fire. Fortunately I never experienced a "trade from hell" like you did.

    • man, you should be in mutual funds.

 
BAMM
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