Someone was lucky

[stores]

Someone made about R 18 000 and someone lost that (+_ 9.5%) today buying Satrix Fini at 5 o'clock at R7.45. Yesterdays closing was R8.24 and it was trading at around that level the whole day. Probably an at market sell order. Well done to the person buying. The lesson is DO NOT BUY or SELL at market.

[CHATTYCHAT]

Agreed - however I got lucky some months ago from placing an order that got auctioned at very agreeable price, lower than my intention. Maybe not the same thing you are referring?

[Krypt0n1te]

This scares the *#@$ out of me!!! If you trade at market and you want to buy...surely you should get the lowest offer to sell????? I really don't understand? Why would someone put in a offer to sell waaaaay below the ruling price? ...and if he had the order in "at market" it should've been much closer to the ruling price. So confused right now!

[#4]

Just as confused...is the norm than to trade on limits? If I want to sell a share, should I then benchmark it against the ruling price or bid price? Realisticaly speaking,what % should I up it by to match an order for that day?Trading at market price just seems conveinant.

[SimonPB]

somebody as foolish and placed an at market sell .. that then ts the best buyer who was some way off .. lesson is simple, don't use at market ..

[Wizard]

This may spark a bit of buying at a lower price before readjusting to normal trading.

[SimonPB]

nah, market maker will be back at 9.10 this morn and price will revert to FV ..

[grommet]

would this trigger a trailing stoploss ?

[SimonPB]

yes

[grommet]

ohh , see there is a seller at 745 , could be one

[grommet]

so alot of people looking to pick up stoplosses ?

[#12]

Yep, this was major stupid. The question is, what or who do you shake out of the system when doing stupid stuff like this? Putting a sell order in for 745 when the item had been trading all day at 824. Simon what happens to the guys with CFD's in a case like this. They take a massive "knock" and then it recovers again?

[SimonPB]

they didn;t put a 745c sell order .. it was more likely an @market sell order .. an yes the CFD P|L looks way ugly over night ..

[stores]

I see three trades were done early this morning taking advantage of this mess up before the price got back to a rational level. Bet John saw the opportunity and took it? ..LOL... Next time I spot something like this I will keep quite and try and do it myself. (I think they call it arbitartion..Could be wrong but there would have been little risk).