In fact, the stock quickly turned down. Since I didn't have an exit strategy if the position was unprofitable, I missed the opportunity to get out at breakeven.

In case you haven't figured out where this is going, let me just tell you that it wasn't pretty.

I eventually put in a limit order to sell 0.125 higher than the current price. That didn't get filled. From there the price dropped by $1. Very quickly, I was at a $1000 loss for the trade. I finally said enough is enough and placed a market order to sell.

Given my leve

What I about to tell you is completely true. The following events happened to me. I have not included the name of the broker in question to protect - how shall I say this - the innocent.

I previously had multiple brokerage accounts for a number of reasons, the least of which was to keep separate my trading accounts from my investing accounts. The account in question was an online brokerage account with relatively new company at the time. The reason I had this account was because the fees where cheap. Remember this because after I tell you this experience, you will realize the fees were not actually that inexpensive.

This experience revolves around one broker, one stock and one trading day. I was day trading one of the hottest stocks around at the time, IOMG. This particular day was a very high volume trading day, I forget the exact reason the stock had high volume for that day, more than likely there was news driving the stock price.

I started the day early with a limit order to buy 500 shares. I was filled and then placed a sell order at $0.125 higher than my fill price. I was almost immediately filled, banking $62.50 minus fees in just minutes. Realize this took just a few minutes of my time. I started doing the math in my head based on what time of day it was and figured I could pull out $1000 if I kept up with this. That was a mistake.

The next trade didn't go so well, basically I broke even on the trade minus the commissions. This was probably the smartest thing I did all day. The stock continued lower after I exited. I felt like I did the right thing.

Put on another 500 shares trade, this time I rode the stock up $0.500 for a $250 profit minus brokerage fees.

Now that I had it figured out, time to go all out. The next trade was a thousand share trade with the goal on taking out at least $0.50 per share. The stock made it to my profit level and I ... didn't exit the trade. It actually went a little higher before turning down. Dang, I missed the big profits by being greedy. Still, the position was profitable and I was going to make the most of it.

The stock never made it back to the high profit mark. In fact, the stock quickly turned down. Since I didn't have an exit strategy if the position was unprofitable, I missed the opportunity to get out at breakeven.

In case you haven't figured out where this is going, let me just tell you that it wasn't pretty.

I eventually put in a limit order to sell 0.125 higher than the current price. That didn't get filled. From there the price dropped by $1. Very quickly, I was at a $1000 loss for the trade. I finally said enough is enough and placed a market order to sell.

Given my leve

you this experience, you will realize the fees were not actually that inexpensive.

This experience revolves around one broker, one stock and one trading day. I was day trading one of the hottest stocks around at the time, IOMG. This particular day was a very high volume trading day, I forget the exact reason the stock had high volume for that day, more than likely there was news driving the stock price.

I started the day early with a limit order to buy 500 shares. I was filled and then placed a sell order at $0.125 higher than my fill price. I was almost immediately filled, banking $62.50 minus fees in just minutes. Realize this took just a few minutes of my time. I started doing the math in my head based on what time of day it was and figured I could pull out $1000 if I kept up with this. That was a mistake.

The next trade didn't go so well, basically I broke even on the trade minus the commissions. This was probably the smartest thing I did all day. The stock continued lower after I exited. I felt like I did the right thing.

Put on another 500 shares trade, this time I rode the stock up $0.500 for a $250 profit minus brokerage fees.

Now that I had it figured out, time to go all out. The next trade was a thousand share trade with the goal on taking out at least $0.50 per share. The stock made it to my profit level and I ... didn't exit the trade. It actually went a little higher before turning down. Dang, I missed the big profits by being greedy. Still, the position was profitable and I was going to make the most of it.

The stock never made it back to the high profit mark. In fact, the stock quickly turned down. Since I didn't have an exit strategy if the position was unprofitable, I missed the opportunity to get out at breakeven.

In case you haven't figured out where this is going, let me just tell you that it wasn't pretty.

I eventually put in a limit order to sell 0.125 higher than the current price. That didn't get filled. From there the price dropped by $1. Very quickly, I was at a $1000 loss for the trade. I finally said enough is enough and placed a market order to sell.

Given my leve

fill price. I was almost immediately filled, banking $62.50 minus fees in just minutes. Realize this took just a few minutes of my time. I started doing the math in my head based on what time of day it was and figured I could pull out $1000 if I kept up with this. That was a mistake.

The next trade didn't go so well, basically I broke even on the trade minus the commissions. This was probably the smartest thing I did all day. The stock continued lower after I exited. I felt like I did the right thing.

Put on another 500 shares trade, this time I rode the stock up $0.500 for a $250 profit minus brokerage fees.

Now that I had it figured out, time to go all out. The next trade was a thousand share trade with the goal on taking out at least $0.50 per share. The stock made it to my profit level and I ... didn't exit the trade. It actually went a little higher before turning down. Dang, I missed the big profits by being greedy. Still, the position was profitable and I was going to make the most of it.

The stock never made it back to the high profit mark. In fact, the stock quickly turned down. Since I didn't have an exit strategy if the position was unprofitable, I missed the opportunity to get out at breakeven.

In case you haven't figured out where this is going, let me just tell you that it wasn't pretty.

I eventually put in a limit order to sell 0.125 higher than the current price. That didn't get filled. From there the price dropped by $1. Very quickly, I was at a $1000 loss for the trade. I finally said enough is enough and placed a market order to sell.

Given my leve

s trade, this time I rode the stock up $0.500 for a $250 profit minus brokerage fees.

Now that I had it figured out, time to go all out. The next trade was a thousand share trade with the goal on taking out at least $0.50 per share. The stock made it to my profit level and I ... didn't exit the trade. It actually went a little higher before turning down. Dang, I missed the big profits by being greedy. Still, the position was profitable and I was going to make the most of it.

The stock never made it back to the high profit mark. In fact, the stock quickly turned down. Since I didn't have an exit strategy if the position was unprofitable, I missed the opportunity to get out at breakeven.

In case you haven't figured out where this is going, let me just tell you that it wasn't pretty.

I eventually put in a limit order to sell 0.125 higher than the current price. That didn't get filled. From there the price dropped by $1. Very quickly, I was at a $1000 loss for the trade. I finally said enough is enough and placed a market order to sell.

Given my leve

In fact, the stock quickly turned down. Since I didn't have an exit strategy if the position was unprofitable, I missed the opportunity to get out at breakeven.

In case you haven't figured out where this is going, let me just tell you that it wasn't pretty.

I eventually put in a limit order to sell 0.125 higher than the current price. That didn't get filled. From there the price dropped by $1. Very quickly, I was at a $1000 loss for the trade. I finally said enough is enough and placed a market order to sell.

Given my level of frustration at this point, I needed to get out of the house and go for a walk. When I came back I logged in to check how much that damage was.

Here's where it gets worse. I login to find out that the last order I placed, the market order to sell, was cancelled.

What? I finally put two and two together and figured out that the broker doesn't allow more than one open order! I cancel all open orders and then place a market order to sell. I end up taking a $2000 loss on the last trade.

Now, before you think I am blaming the broker, forget it. Just listen to how I was operating. I didn't have a plan in place to deal with this. I'll admit, I was more than frustrated with the broker. Their online ordering system allowed me to place a second order for the same security. If they were going to cancel a second open order, why did their system to allow me to place it in the first place. Now you understand why the fees I paid this broker are not inexpensive.