- Posted May 18, 2012 by
This iReport is part of an assignment:
Living without Facebook?
A Facebook Fiasco!
Then I sat. And I sat. And I sat. The suspense was killing me! Ugh!
First of all, I assumed that Facebook stock was going to open right after Zuckerberg rang the morning bell. As soon as he did, I ran back over to my computer to observe the $40 limit I put on it since it was still set to open at $38. Well, nothing happened. So trying to listen Squawk Box and Cramer, who I just adore, I find out the sale was to begin at 11am. Goes to show you I didn't do my homework.
Anyway, so 11am came and went. Nothing.
"Any minute now" is all they could broadcast. What an embarrassment in my eyes. What the heck were they doing back there? Push the damn button already!
Apparently they (Facebook Kings) were trying to make us all happy, making sure simple folks like me and big wigs got their fair share. Plus everyone kept changing their orders from limits to market and changing prices trying to decide if they want to lower their expectation of the target price or not. Of course, I was one of them.
I went to my site numerous times during that duration as it froze up here and there. Merrills Edge only allowing me to put in a limit order up until 11am for Facebook, which I had already done by 7:30 this morning. (Duh!) Then everyone on Squawk Box starting to make me think the price was going to be over my limit of $40 as the clock kept ticking away. So I hurried and changed that limit price up to $44 just to be safe.
Finally, I felt ready and Facebook finally opened somewhere after 11:30am(blur by then). As I watched the blip of it go from $38 to $44ish back down to $41, my limit purchase just sat. No sale! How can that be I thought? Now I was getting mad. Then a bit of panic started to set in. I was so afraid I missed the boat and it would jump into the $70's.
I remained calm, went back to my account, observing the price go down to $40, then $39, so I decided to cancel my $44 limit order all together. But then another problem. The cancellation would not go through! I did that four times! Still no go! What a fiasco!
Finally, after what seemed eternity (actually 28 minutes) of waiting and being on hold with my trading company, the monies came though. So I told myself, I am going to get that stock for $38! I know I can!
I watched and waited, and put in an market order just as it came just a bit above the $38 price range. And BAM! I got myself 110 shares at $38.82!
Now, it's after 7pm, and I'm out $71.66 cents.