I faced an issue while placing an after-hours trade on ETRADE on 12/12/2018. TLRD was announcing their earnings report at 4:15 P.M. EST and I wanted to close my position if things went south. And, things did go south but I was not able to sell the TLRD stocks due to a technical error on the ETRADE online platform. Here's exactly what happened -
- I had a outstanding GTC Limit order to sell 1200 TLRD stocks at $35
- At about 4:10 P.M., I modified this order to change the duration from GTC (Good Till Cancelled) to EXT (Extended Hours)
- At 4:15 P.M., I submitted the order with a sell price of $20.14. The order did not go through and I got an error - 'Mismatch Market Session'
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Within the next 45 seconds, the price dropped about 28% and I lost about $6600
I contacted ETRADE regarding this and I was told that "You were attempting to modify a regular session order into an extended hours order which isn't permitted." This, to me, looks like a bug - if such modification is not permitted, why provide the option for EXT session in the drop-down menu in the first place. For instance, Stop Limit, Trailing Stop, OCO etc. orders are not permitted in EXT session and the platform doesn't display this at all. I expect the same while modifying a regular session order i.e. don't provide an option for EXT. This will not mislead the users.
Now, I'm not sure how to pursue this further. Do I contact ETRADE and let them know that I'm not satisfied with their dispute resolution and ask them to review again? Do I take the legal route or take the dispute to FINRA? This is a huge loss to me and I would appreciate any advice on this. Thanks.
P.S. - Sorry, if this is not the correct sub-reddit for this post. It would be great if you can point me to the correct one.
Submitted December 20, 2018 at 01:51AM by skaramoosh https://ift.tt/2QJ84bC
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