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I made a trade on a stock MANU for like 33000 shares as open market trade. Because the stock has not risen above 330000 as of yet, they have not processed the trade. It was stuck there all day yesterday, Friday and part of today so far. I contacted them and because it is an open market trade, I cannot cancel it nor can I get it to process. Frustrating.
I have had some sad experiences with this same thing and have learned the hard way to place limit orders so I can cancel them
The volume limits ie 10% of daily volume can mean in one case I was stuck with a open order for about a month and when it did kick in i got slaughtered on the price and was trying to fight a losing position for some time....... Lesson learned.
So since it is a market order it can't be cancelled? I thought their orders expire automatically if the proper specifications arent met?
Trying to get this understood, so you tried to buy 330k shares, but since the volume hasnt broken 330k yet, it wont let you buy correct?
Either way, I sympathize with you lehayes
No I am trying to buy 33k shares, but your shares have to be 10% of the volume, in this case, 330k.
I am adding the email correspondence here for future reference:
Your cash is not held by any order you have placed. The cash value is
only affected when the order gets filled. You can try canceling the
order before 09:30 or after 16:00 EST on any workday.
Investopedia Support.
|
|How long will my money be held up by this process? It has been a day
now
|and it is still stuck in this position. Yes, it is a market open
|transaction.
|
|
|>Hi there,
|>
|>Which type of open trade order are you trying to cancel?
|>
|>If it is limit/stop order, then it can be cancelled at
|>http://simulator.investopedia.com/Tr...penTrades.aspx
|>
|>However, if you are speaking of "Market Open" orders, then they can
only
|>be cancelled when the related exchange is closed. You will not be able
|>to cancel those while exchange is open. This is by design so that
users
|>don't enter an MO order, and then, by looking at a real-time feed,
|>cancel it.
|>
|>Market Orders can't be cancelled at all for the same reason.
|>
|>Regards,
|>Investopedia Support.
|>
|>
|>|-----Original Message-----
|>|The current game they are trading in is: Falkin IV
|>|
|>|3/6/2006 10:23:34 AM
|>|
|>|Their message was:
|>|I have bought into a stock that does not have enough volume. Problem
|>is
|>|that I cannot cancel the order because it is still pending. Is this a
|>bug
|>|in your system? I am on the Falkin IV investing competition. The
|>stock is
|>|MANU.
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