LIGHTSPEED - STAY AWAY
|November 18th, 2013, 04:26 AM||#11 (permalink)|
Trading for Fun
Futures Experience: None
Favorite Futures: Glockenspiel
Posts: 166 since Jan 2012
Thanks: 43 given, 152 received
OK - here's another crappy experience with Lightspeed - this time their margining/risk systems. Please let me know if this is usual with other stock brokers.....
So one of my stocks in my portfolio is doing exceptionally well, and I want to buy more with the dividends I've been collecting for the last 9 months from the other mediocre performers.
I place a GTC limit below the market to buy more.
I adjust my stop accordingly by increasing the quantity as the limit to buy more will be filled before the stop (hopefully!).
Their dumb system rejects the order based on the idea I dont have enough shares to sell. I have a margin account - so why not let me sell them on margin/assume a short at least??? The system is too stupid to see that I would be filled on my additional purchase. The Additional purchase and stop are about 33% away from each other!
OK the stock could gap down more than 33%, but my limit would then be elected. My stop may get filled before the limit as market orders may get priority over the limits - but I still have enough equity to cover the potential short sale. I admit I'm not 100% on the different exchanges regulations as regards to order priority.
Am I missing something here? This would never happen in the futures market.
Last edited by TheDude; November 18th, 2013 at 04:32 AM.