Broker refuses to put sales order up... Why?Hi guys, I've had a funny thing happen to me this week, I'd like to get feedback from you experienced investors ont his:
I have put my shares of SSS up for sale at the price of $5,60. This is not neceesarely my target price but I want to avoid my broker to burrow my shares... (I heard it could be done, don't know just how...). Both my brokers called me and told me that this price was to high and they could not place the sales order. I had to firmly insist for them to actually place that order. That seemed strange to me because shares of SSS have been for sale at theese prices, and higher even. I myself had placed such an order at $5,00 in february and never got a call for that one. This time around, I had to tell my Desjardin broker that if he wouldn't place the order I wanted a fax confirmation and a justification for that decision which, for my part, was not his to make, but mine!
My question for you :
Why in the world would brokers act like this?? Surprised me pretty much, they don't even have a legal right to do such things (for all I know, if I want to sell a Toyota Yaris $50 000,00, I can try, I'm the one who'll stay stuck with it!
Thanks for your time,
Micr1
P.S.: forgive my english if there are mistakes in my writing...