Joseph,
"it takes a long time to fill market orders on stocks of foreign
companies"
Do you think that there just might be some truth, even a little, to this statement? What does Schwab, or any broker, have to gain by not filling your order? They paid on executions, not orders placed.
The time your trade is reported back to you and the actual time of execution are NOT the same -- especially so with foreigns. Foreigns are manually handled since they are not on the National Market System of the NASDAQ. The trade reports are also manually reported by human being; sometimes they even make mistakes like a typo (reporting filled at 27 3/8 when it should be 26 3/8 which would be realized at day's end when all traders audit that day's trades).
I can't debate your specific trades without more info. However, you have a market order in. Why cancel? Because it moves up is not a good reason. Here's what can happen (but not always): Trader fills your order but doesn't report it back yet (his priority is executing orders; not reporting executions -- it's supposed to be that way). You request a cancel (these also take priority over execution reports) so the trader checks your order for a fill. He looks at the order filled and a corresponding cancel so he figures you've changed your mind and don't want the stock anymore. He doesn't know your waiting with baited breath since he can't read minds. So, using his legal discretion, he gives you what you want: a cancel. He then most often passes your fill to another investor who was also trying to buy the stock.
I don't really expect you to heed this advice, but I think you should be more patient for your fills -- especially on the foreigns.
If you get a lousy fill doing this, then complain. However, by cancelling your order, you unload your own gun for recourse. You have no way of proving that you didn't in fact change your mind and now that it's up you want it. REMEMBER, the actual execution and the report of it do not occur simultaneously. This is true at most firms. If you want simultaneous fills on foreigns then you have to buy the ordinary shares on that countries' domestic exchange with a brokerage in that respective country. Otherwise, forget it.
Hope this helps some. Good luck.
RR |
