Traders Get in Here

[Twist]

So I sold suncor and bought Bank of America. I lost a lot on Suncor and was holding it as a long term investment but BAC was at the low $6's and I just couldn't resist. So I decided to sell Suncor at a loss and buy BAC. Well Warren Buffett thought the same thing and that deal was announced. Anyway I ended up getting $7.73 or something per share! How the hell did this happen? Was it because I was waiting for Suncor to sell (or settle) before the funds were available for the buy? I don't get it... I am using Scottrade for this account btw

[terraj]

Slippage bro

try avoiding market orders

[lovbyts]

LOL, that's the market for you. I'm one of those if I buy it will go down, if I sell it will go up.

I was watching one penny stock for a couple week trade between .05 - .11 consistency. It would take a day or two to make the swing either way. It was on it's way down and closed at .07. I put in a market order after hours for 5,000 shares. It opened the next day at $8.00 a share and they filled my 5,000 shares using my margin from another stock I had with them. $40,000

Yeah it was all a big internet scam 3 guys had set up and I happened to put in my order for that day just by dumb luck. When I saw the stock order was filling it took about 20 minutes for it to sink it that it was really $8 and not $.08 The guys got caught, went to jail for a short time and I have a court order showing they still own me 25K but what good will that do? Yeah i was screwed.

Oh yeah, also by the time I saw what happened it had gone up to $10 and back down to under $1 and was closed/locked due to investigation.

[terraj]

Two things not to do^^

Don't place market orders and don't play penny stocks

[lovbyts]

Two things not to do^^

Don't place market orders and don't play penny stocks

True on both accounts. I was a newbie and didnt see how anything bad could happen from a market order. What did I care if it opened at .09 instead of .07. LOL Never think it impossible for something to go wrong. If it can it will.

I had played with a few penny stocks just for fun. The little bit I made was not worth the work. What is cost me was a life lesson.

[songdog]

I would be there when they got out.Not to kick ass but be watching and when they went to work.I would get mine.