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It has happened to me at Ameritrade more than once. when I first started
trading I was very sloppy. Twice I marked sell instead of buy and I was
filled short. In both cases I lost money on the trade. However in another
instance involving calls, I made the wrong entry and made money. The next
day Ameritrade called me and "admitted" their mistake and took my profit
away. I wonder where that profit went? No wonder they can offer such low
commissions.
> Steve, Guy, others,
>
> For the sake of clarity want to put the question in other way. Let's
assume I place an
> order on-line (to exclude any other party to blame for my own mistakes),
and in a rush
> filling an order form, I mark "sell" instead of "buy" some X shares of Y
company. Note I
> don't own a single share of that company at the moment of placing the
order. Mind also
> that an another option to choose from in the order form - "Sell Short",
hasn't been
> marked. So, you guys, are you saying that this is a common/legitimate
practice at
> brokerage firms to consider "Sell" order of stocks you don't own as "Sell
Short" order
> even though the filled by me form doesn't explicitly shows it as "Sell
Short"?
>
> Cheers, Vitaly
>
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