So butterfingers here managed to sell a stock today I’ve been holding for months by entering what I thought was a limit sell whilst stop was selected.
So please can we validate the fields!
It should not be possible to enter a higher value than the current bid into a stop sell.
It should also not be possible to enter a lower value than the current bid into a limit sell.
Just to get a sense of how annoyingly that ■■■■up was it’s just here on the chart, and even more so I was planning to ditch at the end of October in the pump towards earnings.
So I’m down £60 and it’s probably going to be green tomorrow.
On the plus side I’m out of MARK Need to fight the temptation to jump back in now.
So yeah I can’t be the first to do this.
At least have a prompt
You have stupidly entered a stop sell of 1.45 whilst the current bid is 1.20 ! You realise if you confirm it’ll convert to market sell instantly and you’ll likely get 1.20 which is clearly not what you wanted.
Are you really 100% sure you want to proceed?
If Yes followed by:
Have you had your coffee for today? You meant to do a limit sell instead right? Let me just change that now.
I don’t have any experience with a need to enter a high stop sell but…
there are times to use this, precisely in low liquidity markets.
lets say I want to sell 10x some share, where the current bids are (albeit invisible to T212)
buy 1 x share @ 15$
buy 2 x share @ 14$
buy 3 x share @ 13$
buy 1 x share @ 12$
buy 9 x share @ 11$
it is entirely acceptable to create a limit sell order for 10 shares @ 14$
In fact this is why its dangerous to execute market orders in low liquidity markets. There are well written arbitrage bots from decades ago, that search for high spread instruments and create “honey trap orders” to exploit unassuming “market order” buyers/sellers
Ok I’ll give you that one, the limit can be used lower. Just getting carried away, maybe that one could have the prompt to confirm intended as most cases 99/100 would assume be wanting to secure a higher value than the current liquid market. Than get a min in an illiquid or low liquidity, auctioned stock where you don’t want to take chances with a market order.
Anyway back to sell stop which is a liability being able to enter a higher value. Everyone entering a higher value here will have actually wanted a limit order.
Theres absolutely no reason to enter a higher value as it’ll be instantly converting to a market sell as soon as you click confirm. And in most liquid markets you’ll be sold before you can cancel.
Need to fight the temptation to jump back in now.