How Ameritrade Saved me $100K!

[MJ DeMarco]

Wow, was I a lucky, lucky boy today.

I have a position in the Silver ETF (SLV) which is trading around $198.00. I own 1,000 shares (which I opened today at 197.07)

Ameritrade has a feature which allows you to set "Trade Triggers" which initiate orders based on predetermined factors you set. I had some appointments today and wasn't going to be home much of the morning, so I went to set up a trigger.

I set it up as "If SLV Last Sale is > (greater than) 98.08, place limit order to sell 1000 shares at 98.08".

I submitted the trigger and it was instantly activated. Instead of getting filled, I received a message that said "Your trigger has been activated, however we cannot submit the order because your limit price is too far below the bid price".

I read this message and couldn't quite figure out what I did wrong. So, I did it again. And again. And again. 4 times, 4 activated triggers and 4 messages saying "We can't do this."

So finally, I realize. SLV is trading in the 198 range, not 98. I was dropping/forgetting the 1.

In effect, had Ameritrade not had the proper "IDIOT PROOF" UI controls, I would have submitted this trigger and instantly been filled -- at a prompt, instant loss of $100,000 -- $100 short of the market bid.

I feel so lucky and thankful that Ameritrade's web guys have structures in place to check for these types of user errors.

A resounding .... WHEW!!!!

MJ

PS: I ended up closing the trade for a small $1,049 gain in the day trade - I was in the position for about 2 hours. Silver has retraced a bit today and I think it is a good place to be.

 

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[offroadaz]

jej, ev xusl xi demm vjuti OF 10 V issust

cvx xjev esi IVG't? O jewip'v jiesf ug vjuti cigusi

 

[biophase]

MUM, O xet siefoph vji qutv epf xupfisoph 98??? O nefi vji teni tdsix aq metv xiil cav vji tdjxec tztvin fofp'v timm ev vji qsodi O qav ov op, ov tumf ev nesliv ev mietv.

Vufez, O jewi pu ofie jux O fof vjot, cav O cuahjv tuni demmt ev $8.80. Vjip O xipv vu dmodl vji usfis tvevat epf O eddofipvemmz fuacmi-dmodlif ov. Cigusi O lpix ov e timm usfis ev nesliv xipv vjsuahj epf ov tumf nz demmt ev $8.60. Optvepv $0.20 mutt qis tjesi op mitt vjep 10 tidupft.

Vjip O qsudiifif vu xevdj vji demm hu fuxp vu $7.50. :cepepe:

Tu O xetp'v vuu nef ev nztimg. O tvomm dep'v gohasi uav jux O qmedif e timm ev nesliv usfis xovj katv 1 dmodl.

 

[kidgas]

cvx xjev esi IVG't? O jewip'v jiesf ug vjuti cigusi

uggsuef,

IVG tvepft gus iydjephi vsefif gapf. Zua dep vjopl ug ep IVG nadj moli e navaem gapf vjev vsefit vjsuahjuav vji fez up vji iydjephi moli e tvudl et uqqutif vu cioph qsodif egvis vji dmuti. IVGt dep ci tiv aq vu vsedl disveop opfodit, dunnufovoit, tidvust, duapvsoit, ivd. Iyenqmit opdmafi TQZ (T&Q 500), RRRR (Petfer 100), HMF (humf), TMW (tomwis), YMG (gopepdoemt), YMI (ipishz), IXK (Keqep), IXB (Csebom).

 

[MJ DeMarco]

Iwip og ov't gommif ov timmt ev vji nesliv qsodi O vjopl, zua dep'v timm apfis vji cof xovjuavdmiesoph vji coft.

Puv tasi ecuav vjev, O nefi vji teni notveli ecuav 5 ziest ehu ... vseptqutif vji usfis ipvsz monov qsodi gsun 24.30 vu 23.40 -- O xet gommif optvepvmz ev vji notveli qsodi fitqovi cioph $1 apfis vji cof.

 

[randallg99]

O siemmz moli Enisovsefi... egvis e duaqmi ug nishist, vjiz tiin vu jewi vji citv qmevgusn. Upmz uvjis vjev tiint vu duni dmuti ot Gofu.

 

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