NAB 1.01% $26.54 national australia bank limited

how to lose money

  1. 1,459 Posts.
    On Friday Afternoon, I placed a Market Order to sell 3000 XYZ. I received confirmation by the website that my order had been placed with National Online Trading at 15:58:51.

    I have been informed that since Market Orders are a manual process, my request didn't hit SEATS until after the market had closed. At the time (approximately 16:01:00), my Market Order effectively became a Limit order at the best price (Lets say 310). During this "pre-open" stage, my order was trumped by other sellers effective leaving me stranded at 310.

    Accepting this as a pitfall of a "non full brokerage service", I would have assumed that my order would have been executed the following Monday morning on open. However, even though I wasn't notified, National Online Trading effectively changed my Market Order to a Limit Order at 310.

    Who gave them permission? Apparently I did when I placed my Market Order.
    What did it cost? $600.00
    What did I learn? Never to use this service again.
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