Spi energy worry

Hi did anyone else get locked out when you wanted to sell your spi energy last night, I did and lost profits and 3 k due to this funny as when I asked 212 on chat they said market frozen, so I decided to test this by buying more and no probs so I tried to sell again, but again no chance, spoke to 212 on chat and they advised me that they had now dropped significantly, so I tried again success this time but wait all profits gone 3k and now my 12.500 was 9.5k I complained and was basically told tuff, be aware because after a few searches on the internet and a legal chat I’m not the first to be done this way, I work for the nhs risked my life over the pandemic, got covid in April and went back to work asap to support, don’t be scammed shocking.

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Hang on take a breath.

The US market closed at 9pm (UK time) with a bid of 13.5998

What time were you trying to sell?

@phildawson I suspect this might be in reference to the several trading halts throughout the day yesterday.

Indeed I think unfortunately this will be a case of FOMO, getting caught on the dump on one of the biggest pump and dumps of 2020, blaming T212 for not being able to trade when it’s nothing to do with them and was being halted many times to stop it literally crashing even harder.

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I am just puzzled on why would T212 try to scam you? It is not they who profit of your loss , but other buyer/sellers on market.

If you “bet” your hard earned money on the market at least you could do is get your facts straight and some basic knowledge…

Ps grats on doing your job for which you are getting paid, I guess we should also celebrate cashier ladies working daily in groceries during pandemic so everyone could have food on the table.

See @phildawson’s image of the Trading Halts and I imagine this answers your relatively hostile post.

Off-topic - is there a means for me to mute individual users on this forum?

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Hi Carl

This is the worry that a lot of us here repeatedly come back to on this forum, is that there are a lot of people using T212, and trading in general, who simply don’t understand the full implications of what they are getting themselves into. And this is why we continuously bang the drum of educate yourself, because users can get stung very easily just like this.

Unless there are more details you can share that suggests wrongdoing has been done, what has happened here is normal.

Every day there are stocks ‘halted’ by the stock market - not by the broker, not by T212; by the exchanges - and this can be for a few reasons, but most commonly because of;

  • A) a tremendous surge of activity on a company that causes the price to surge too aggressively for the exchange to keep up (disclaimer: laymans terms)

  • B) there is pending news about to be released on a company that will cause A

In the case of SPI, the market being ‘frozen’, as you were advised, referred to a trading halt. Which is why you were unable to sell. I’m guessing the person you spoke with used dampened down terminology as your line of questioning implied you didn’t know what a halt was, so they tried to keep it in terms you would understand. Just a guess.

There is no fault on the part of T212 here, as they have no control over when or where the halts may occur. This was the exchange stepping in to get a grasp of the flurry of activity on SPI yesterday.

To my initial point, it’s easy enough to see a stock surge the way it did and jump on - I almost did myself several times throughout the day! - but if you aren’t fully aware of the risks in doing so, I’m afraid this is just one of the potential outcomes.

You have two options at this point I think;

  1. Do nothing. Wait and see if SPI bounces today and perhaps you get an opportunity to recoup some of that loss

  2. Sell as soon as you can and take the 3k loss without risking any more damage

At this point premarket looks okay with SPI up 46%, but market open is still a couple of hours away and this could change;

image

PS. there is a third option of buy more, but I would recommend that to anyone at this point. :+1:t2:

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I tried three times as it was climbing and again at 39 at 41 and at 33 but no chance, have a google There’s a lot of people been done this way. But it went through at 20 3 under where I bought, and 3 k gone.

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Again, I don’t think anyone has been ‘done’. Likely all in teh same boat of jumping on and not understanding a sell off - and a halt - might inevitably come.

If my explanation wasn’t enough, perhaps google what a halt is to gain a better understanding of why you couldn’t sell.

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You can see the 33 that’s where it was halted, no trades will execute whilst halted. You can see the gap down on resuming which is why you got 20.

Again T212 aren’t holting this.

A lot of people that went chasing will have lost at least half their money from this. These hard pump and dumps happen from time to time and seem to getting more frequent as it’s so easier than ever taking money from retail traders.

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Phil try read it properly I bought at 20 tried to sell three time on the way up. There dollars not times take a breath.

You mention twice on the way up and once down. You haven’t given me any time stamps but again at the 39-41 it was halted.

Your order didn’t get executed, on a highly volatile stock like this right at the top of the pump there’s a good chance it won’t.

It’s a gamble you take, hoping you can get a sale before it goes pop.

I had the same experience in another stock. When Trading is halted T212 still allows to buy or sell for quite sometime. Although we can expect instant halt, one can buy for nearly 2-3 minutes since it is stopped.
I raised the issue with T212 but I was told nothing can be done.

I should point out again T212 aren’t doing the buying and selling themselves all they are doing is passing on the requests to IB.

They don’t control when it’s halted and when it’s resumed. Again they just getting a feed through from a third party, once that starts coming in with new data they can start showing it on the graph again. It’s not them hitting a switch and then switching it back on, it’s all a continuation.

If you are putting in market sells, those will be held until the market resumes, at which point you’ll get the best price available at that time. If you had put in a limit order then that wouldn’t have happened, but again you could have been left with nothing if you had a limit of 33 as it only bounced back towards 31 after resuming.

T212 don’t do the buying/selling themselves, they aren’t getting any profit or loss from these orders. They aren’t “scamming” anyone.

You clearly thought I want a piece of this action, chucked in cash without thinking of the consequences and focused on a quick gain, it turned sour, you couldn’t get out when you wanted. It’s was a relatively cheap learning experience, it could have been a lot worse.

The whole risking your life working for the NHS has nothing to with it. It doesn’t matter what your job is when it comes to stocks. Only play with money you are prepared to lose.

And yes I’ve also lost lots money in pump and dumps, I’m not trying to sound like it’s just you, this happens to thousands of people daily, trading stocks has a learning curve, you can’t just download an app and instant profit. Sometimes you win from luck at the start but you can also lose everything. You have 9.5k that could have been 1.5k

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So you had £12,535 and you spent £10,644 buying 480 shares.

You would have had £1,891 in funds taking those two away.

If you share the screenshot of the transaction on history.

If you had spent £10,644 that was roughly $13,577 dollars worth.

$13,577/480 would have been an avg on $28.28 but you mention you bought at ~$23?

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Sorry not able to reply again.

If you use the edit pencil :pencil2: function you
can update your post above if it helps.

Edit: oh I see that post has been deleted. Happy to help with the calcs if you wanted to PM otherwise good luck in future.

Another halt on open. Only up 75% :sweat_smile:

@Vedran flip a coin are we goin to see it continue up or resume at $12?

… And halted again…

Hi an update to my very mistaken rant about 212 and spi energy, being new to online trading I didn’t understand that at times sales would execute at much higher price’s because of a volitity of a stock resulting in me getting it all wrong, being fair I owe 212 a massive sorry and would like to thank the staff that took time resolving the issue for me, financially it’s all the same it was just my mistake and I’ll stand up and say sorry if I’m wrong.
Carl

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I guess all this is to gather money from small investers and make a huge profit by big investers . All big investers buy large amount of shares for such small company and hold and see until people pouring money into this. They create fake demand and hike the price. And sold out share halting the process and price goes down, we people lose our hard earned money.I lost as well, its like a scam really I am not satisfied. But I suspect why this has been allowed in this platform?. Big organisation or rich people making money halting all system???