I own stock position which i want to sell out. I place sell limit order. On open i see that market is unlikely to reach my price. So i press cancel on the limit order and place market order to sell. The result? i got the notification that my sell limit order did execute on short spike. “Thats great” i think. Minute or two later i get notification that my market sell order is also executed. I am immedialy bombarded with no less than dozen of notifications that market buy/sell actions are executed.
My positions was sold twice and then forcefully covered with market buy orders.
The end result:
Direct financial loss
Mobile application was virtually frozen and spawning buy sell orders over and over again. Trading during critical market period was virtually not possible.
So is it normal that system sells the stocks you don’t have? Then covers at market price with whatever financial loss to the owner?
I have seen similar comments in the past but no conclusion.