I need help with some issues which I’ve recently faced whilst playing with Nikola Corporation. Please forgive my informal language but I’ve only been trading for a few months…
On the 8th of June I bought two Nikola Corporation buy positions. One was 5 units and another was 10 units which was purchased a bit later at a higher price. At this time NKLA was still climbing up and I had a feeling that the following day the prices would continue going up.
The following day ( 9th of June ) I was waiting for the market to open at 2.30pm and as soon as the clock hit 2.30pm the prices went up…it skyrocketed an when it reached around $84-85 per unit I decided to close both positions and take the profit which from both positions at this point was around £210-£220 ( situation was changing fast so it’s difficult to say exactly what my profit was ). As usual I pressed ‘×’ to close the position and then ‘confirm close’ however I kept getting a pop up window with a message saying ‘THIS MARKET OPENS AT 14.30 in (0h -1min)’!!!. It was already 14.31 I could see the prices changing but no matter how many times I tried to close both positions they just remained active and I kept seeing the same horrible message. I’ve attached a screenshot which I managed to take during this battle.
As I kept trying to close the positions the message kept coming at me…THIS MARKET OPENS AT 14.30 in (0h -2min) and so one. So it appears that eventhough the market was at least to some extent open as it was already after 2.30pm and the prices were first going up and then down as you can see on the same screenshot I was unable to close my positions. Prices then started going down like crazy. I kept on trying to close the positions and eventually after few minutes I managed to close them but unfortunately for me all profit was already gone. Whilst trying to close the positions I even logged out and then logged back in to see if that helps but it didn’t.
I sent a message to T212 explaining the situation and the reply I received is:
Thank you for reaching out.
Yesterday on 09.06.2020, Hertz, Whiting Petroleum, Nikola Corporation & Chesapeake Energy Corporation were temporarily suspended. Those securities had huge volatility and subsequently, hit limits which led to suspended/halted trading on Nasdaq Stock Exchange which naturally reflected on our platform as well. This matter had nothing to do with us but we made sure to smooth out the process to the best of our ability.
Your feedback and cooperation, as well as your patience, are appreciated on the matter and you may rest assured that we are doing our best to protect our clients even with events out of our control such as this one.
Should you require further assistance, we remain at your disposal.
Boyko D. Customer Care Hero
My reply was:
I’m not a seasoned trader but from what I have gathered and noticed whilst trying to close my positions in that very moment and I can confirm this with the screenshot which I took at the time there was no clear indication that the trading was suspended and this message TRADING SUSPENDED always appears right under the current pricing of the units.
Also since as you stated the trading was suspended than why the prices were changing and affecting my active positions and not allowing me to make any changes? Normally when the trading is suspended it means that one can not open any new positions but can close his active positions however in this case I could not do anything but to stand by and watch.
It just doesn’t make any sense. Look into the screenshot attached. It says market closed eventhough it was 14.32
In a meantime unit prices were going crazy and there is nothing about trade being suspended.
This is wrong.
I still don’t understand what exactly happened on the day in question…please help.