Very disturbed about "trade cancellations"

Igor Chudov · 2010-05-11T02:51:06+00:00

The canceled trades situation is extremely disturbing to me.'s say that I am an investor, with no ill will, and I see somestock like Accenture trading at $0.01. I buy 100,000 shares for$1,000. I am actually positively contributing to the market by raisingthe demand, my actions would tend to stabilize the market. At the end of day I sell those shares for $30 apiece. Great news, nowI think that I am in cash and I am worth $3,000,000. Next day my "buy" trade is canceled and suddenly, I am short 100,000shares of that Accenture. If it goes up, say $5, I face a ruinous500,000 USD loss, potentially facing complete financial destructionfor NO fault of my own. My market actions, of completely benign andbeneficial nature, now expose me to loss of EVERYTHING.This seems to be totally shocking and very disturbing to me. I have zero sympathy for anyone who places a "stop loss" order, whichis an order to SELL AT ANY PRICE if the market goes down. Those peoplegot exactly what they ordered. Why those investors, whose stop lossorders have a destabilizing effect, should be protected, and honestbuyers should be exposed to financial destruction?I am extremely uncomfortable with what happened. The wrong kind ofpeople got punished. One reason why I am so disturbed is that I never place stop lossorders, and I can see myself as a buyer of those stocks if I did nothappen to be busy with something else at the moment. Just one monuteof bad luck could, potentially, wipe me out in a situation where noloss should have occurred.i

May 11, 2010 20 Replies

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rick++ 16 years ago

It does happen now and then:

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Very disturbed about "trade cancellations"

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