For those of you worrying about NITE earnings,please don't.
They are probably making out like BANDITS.
I decided to sell at Market 1000 shares of a stock with
Brown & Co.,when Level 2 showed 2700 shares at 16 3/4 bid.
I thought I would be filled at 16 3/4 for sure.I suddenly saw the Bid go to 16 5/8.I checked my report and to my chagrin I was filled 100 at 16 13/16?,500 at 16 5/8,and 400
at 16 5/8.However, my time and sales showed more trades at 16 3/4 after my fill of the 100 shares at 16 13/16,which by the way was not on the Bid at the time.
I called Brown & Co.to complain about my bad execution,and
said that although I own 1000 shares of NITE,it is nice to see how they make money by ripping off people,but I wish it wasn't me.I told the Brown & Co Broker, that this gives me all the reason to trade with an ECN,and my saving money on my trades at Brown is costing me more,because of payment for order flow.
The Broker said he will check with NITE and see what he could do.After a while,the Broker told me that NITE felt that the executions were done properly.
I said to myself, OK,my transferring money to Yamner lately was perfect timing.About 10 minutes later the Broker at Brown,who by the way was very nice and understanding,told me that he noticed a change in my transaction for 500 of the shares from 16 5/8 to 16 3/4!!
What should I make of this change of heart?It just goes to show that people who don't have Level 2 and time and sales
are getting ripped off repeatedly.
By the way,I had a bad execution not one hour later with the MM Mayer and Schweitzer,and my price was reduced also.
Thank God I don't have these problems every day,or I would go crazy.I am slowly but surely realizing that for quick trades it pays to pay a bigger Broker commission,for better execution.
So don't cry for NITE,they are making money in the fistfulls.
IMHO,
Manny T. |
