Spi energy worry

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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;

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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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