Personal Finance

TD Waterhouse - Sold on limit with no stocks

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  • Jul 30th, 2009 9:38 pm
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[OP]
Jr. Member
Nov 18, 2002
107 posts
3 upvotes
Markham

TD Waterhouse - Sold on limit with no stocks

I made a trade today setting a sell on stop below my buying price and a sell on limit above my buying price. The stock hit the sell on stop price and subsequently sold all my shares. I figured that was the end of it, but later checking my account, I see the sell on limit went through as well (since the stock hit the sell on limit price later in the day). So now my account shows a negative balance of shares in the stock with cash gained. Shouldn't the sell on limit have canceled out?
6 replies
Deal Fanatic
Jul 1, 2007
8068 posts
903 upvotes
Nope. I've always wanted to set orders like that too on the basic webbroker platform (I believe on Active Trader you might be able to), but I always knew that it would lead to trouble. You can only do either a limit sell or a sell on stop, not both.

Here's hoping the share price continues to go down. :)
[OP]
Jr. Member
Nov 18, 2002
107 posts
3 upvotes
Markham
Lol, that is ridiculous. So I'm short in an account I can't short with. I just read another thread on here with someone doing a similar thing in Webbroker. Some real nice software programming there...

Should I even bother calling them? I'm sure they have some clause that goes in their favor for cases like this.
Deal Addict
User avatar
Dec 22, 2005
3286 posts
41 upvotes
Ottawa
WillTheKid wrote:
Jul 30th, 2009 1:59 am
Should I even bother calling them? I'm sure they have some clause that goes in their favor for cases like this.
If you put in 2 sell orders it's your fault. They will do a buy-in eventually but do it yourself if you'd like to catch the right price.

WebBroker would have warned you that the 2nd sell was a duplicate order (and you would have acknowledged it wasn't in order to finalize the order).
Jr. Member
Jan 22, 2007
109 posts
same thing happened to me .... had to buy back the shares as it left me in a short position.
[OP]
Jr. Member
Nov 18, 2002
107 posts
3 upvotes
Markham
monty613 wrote:
Jul 30th, 2009 7:11 am
If you put in 2 sell orders it's your fault. They will do a buy-in eventually but do it yourself if you'd like to catch the right price.

WebBroker would have warned you that the 2nd sell was a duplicate order (and you would have acknowledged it wasn't in order to finalize the order).
Yeah, I see how it works now. I was thinking orders would always come back to be verified against the account but they should actually be looked at independently. And once they're out, they're out. Just used to writing and using software with more internal checks and rules. I assumed I wouldn't be able to short so the system would stop it from happening.

Glad to have learnt it without taking a loss though. Made a nice profit actually :)
Deal Expert
Mar 23, 2009
16427 posts
3509 upvotes
Toronto
WillTheKid wrote:
Jul 30th, 2009 9:25 pm
Yeah, I see how it works now. I was thinking orders would always come back to be verified against the account but they should actually be looked at independently. And once they're out, they're out. Just used to writing and using software with more internal checks and rules. I assumed I wouldn't be able to short so the system would stop it from happening.

Glad to have learnt it without taking a loss though. Made a nice profit actually :)
See, TD was actually looking out for ya! ;)

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