Complaint Review: The NASDAQ Stock Market

NASDAQ has a rule that states: When a stockholder places a "Stop limit sell order" on his holdings of a company, say at $4.15 per share after purchasing the issue at $4.35/share, said "Stop limit sell order" is tripped by the "Bid price."

Here is the ripoff: If a bid on this stock should come in at $4.15/share when the stock is trading at its low of the day of $4.17, the stop limit order is tripped! Only on NASDAQ!
Neither the NYSE nor the AMEX do this, their stocks have to actually trade at the limit price! (I was told this by Ameritrade who were of no help whatsoever.)

In my case the "Market Maker" of "IFNY" was a guy named Knight. (While I was reaching maturity 50 years ago, this guy would have been called a "Specialist.") Here is the big joker and crookedness of NASDAQ: Anybody, a straw-man, could be induced to make a bid at the "Stop Limit Price" and trip the stop limit sell order! My IFNY was trading above $4.30 per share, when suddenly, with bids being in the $4.26 range, I was "kicked out", sold out at $4.17 per share, the trading never reached my sell limit order of $4.15, but, Ameritrade told me that the bid reached $4.15, and a sell was tripped. Crooked? I gues so, the low of this date was $4.17 per share actual trade, my sale, no others, and at present it is trading above $4.60 per share!

Any pers, a straw-man can place a un-meaningfull bid and trip all of the stop limit sell orders. Knight did it! I was never protected in this crooked maneuver by Ameritrade nor by NASDAQ! What a ripoff!

Most sincerely,
John
SEDONA, Arizona
U.S.A.