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Vent: My broker canceled my limit order during a dip last Friday
I had a limit order set for 50 shares of a solid REIT at $23.40, and my broker just canceled it without any notice during the Friday afternoon selloff. When I called, they said it was a 'system error' but wouldn't fix it or reimburse me for the missed buy. Has anyone else had a broker pull a sneaky cancel like this on a critical trade?
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daniel_rivera21d ago
Did you ask them for a specific timestamp or log of the system error? I mean, it sounds sketchy that they'd just cancel an order during a Friday selloff like that, especially with no heads up. Idk maybe it's just me but I'd be pushing them hard for a written explanation or some proof that it wasn't just them covering their own positions. Did you try asking if they have any records of the order getting queued or processed before the cancel? Feels like they're hoping you'll just drop it and move on, but if this was a solid trade, I'd want to see the actual error message or system log they're claiming.
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beth_mitchell21d ago
Yeah but @daniel_rivera that's the thing, if they could pull up a system log or error message, wouldn't they have done that already when you called? I'd be asking them straight up "So if this was a system error, where's the timestamped record of it happening?" And if they can't produce one, then what reason would you have to trust their explanation at all? Like, if I'm a broker and I see a flash crash happening, I'd be real tempted to cancel some buy orders myself to avoid losses, you know? Especially on a Friday afternoon when retail folks are distracted and might not catch it until Monday.
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