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CSX Errors

242 messages,  Last post on Nov 03, 2008 at 6:55 AM

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#11 of 242
Re: CSX Errors [mikedrud] by aaa12345
Feb 28, 2008 (11:56 am)
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Replying to: mikedrud (Feb 28, 2008 8:47 am)

I can trade now
#12 of 242
Is this an error by british_rover
Feb 28, 2008 (6:58 am)
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Now I am trying to short XF and Four_Two shares but keep getting screwy prices. If I try to short either one of those shares I get prices in the low teens or single digit range. So I cancel and try to buy long then I get prices in the 90 something dollar range.
  
I can't figure if that is an error or just how the market software works.
#13 of 242
Re: Is this an error [british_rover] by xed
Feb 28, 2008 (12:27 pm)
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Replying to: british_rover (Feb 28, 2008 6:58 am)

What's happening is that when you short, you're betting on the stock not doing well (you're betting on it going down), so the market software is selling you the stock's "inverse". This means that if a stock is currently valued at $40/share and you short it, you will pay around $60/share ($100 - $40). Thus if the stock goes down to $30/share, and you hold a shorted position on that stock, what you paid $60 for is now worth $70, and you make a profit.
#14 of 242
Re: Is this an error [xed] by b_obama
Feb 28, 2008 (12:34 pm)
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Replying to: xed (Feb 28, 2008 12:27 pm)

Thanks for the explanation, xed. So it looks like most of the stocks are capped at $100 - that makes sense giving their sales forecasts. The Carola must be capped at a higher amount since it's forecasted to sell more than 100,000 units in the first six months.
#15 of 242
Re: Is this an error [xed] by british_rover
Feb 28, 2008 (12:35 pm)
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Replying to: xed (Feb 28, 2008 12:27 pm)

I still don't understand. Every stock market like game or even the real stock market when I trade using my e-Trade account sells me a stock short at its real price say 100 dollars and then when it goes down to 80 I cover my short and make 20 bucks.
#16 of 242
Re: Is this an error [british_rover] by b_obama
Feb 28, 2008 (12:40 pm)
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Replying to: british_rover (Feb 28, 2008 12:35 pm)

British,
 
In this market, shorts are covered up front. Most of the stocks are capped at $100 (except for the Carola) so your cost basis for a short sale is the exact opposite of a buy. If the price is $80 and you short, you'll pay $20/share since 100 - 80 = 20.
 
Since the prices are capped, they can cover the short sales up front since they know the maximum amount of money that you can lose. Otherwise, you'd have people borrowing money and winding up with negative cash balances if they weren't careful.
 
Make sense?
#17 of 242
Selling errors should be resolved by mikedrud
Feb 28, 2008 (12:41 pm)
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All,
 
Our developers looked into the Selling errors participants were experiencing earlier, and it looks like we've resolved the problem. Please re-enter the game and attempt your sells now and your transactions should process as anticipated.
 
Thanks for your patience,
 
Mike
CSX Game Supervisor
#18 of 242
Re: Is this an error [british_rover] by xed
Feb 28, 2008 (12:42 pm)
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Replying to: british_rover (Feb 28, 2008 12:35 pm)

In keeping with your e*trade example, let's say you short a share of a stock at $100 with a real broker. Then, contrary to your expectation, that stock rises to $120/share. Suddely, in real life, you owe your broker $20, just as your broker would owe you $20 if it had fallen, not risen, by $20. I think the CSX game is taking care of this "covering" for you because the inverse of the price, out of $100, is the maximum amount of money you could lose. For instance, if you short 2 shares of a stock currently at $80, and it rises to $100, $20 (which you paid) is the maximum loss per share, and suddenly your two shares, purchased for $20 each, are worth $0. Make sense?
#19 of 242
Short Cover Error by cheapskate77
Feb 28, 2008 (12:55 pm)
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I shorted 370 shares of CRLA for an initial price of $596.65 and Covered all 370 shares at a final price of $495.27. This should have been a gain of $37510 but it is showing as a loss in my portfolio. Isn't this an error?
 
Please keep me updated if this is resolved.
 
Thanks.
#20 of 242
Re: Short Cover Error [cheapskate77] by mikedrud
Feb 28, 2008 (1:26 pm)
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Replying to: cheapskate77 (Feb 28, 2008 12:55 pm)

What is the price:
 
1. In your "My Stocks" list
2. In your "Transactions" list
 
of CRLA when you shorted it. I'm just confirming all information as I look further into this issue.
 
Thanks,
 
Mike
CSX Game Supervisor

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