Rick,
With all due respect, your statement sounds alot like some the excuses coming out of schwab.
First, I have routinely had fills at market for stocks of foreign companies within a matter of seconds.
Secondly, the fact that I waited 2 minutes (the first time) and 4 minutes EACH the second and third time to cancel the order AND THAT I WAS ABLE TO CANCEL THOSE ORDERS AFTER THOSE TIME FRAMES indicates that those orders had been sitting on schwab's lap and had NOT been forwarded to their execution desk during those time frames. I hold a cash and margin account with schwab. The are under contract to fill my orders with REASONABLE DILIGENCE. They FAILED to perform. The fact that I CANCELED those orders after 2 minutes, 4 minutes, and 4 minutes of waiting is IRRELEVANT. After waiting for those extended periods of time and NOT getting a fill I believe a reasonable person would conclude (as I had) that schwab had FAILED TO PERFORM or was INCAPABLE OF PERFORMING. Moreover, as the ask was upticking during those waiting periods schwab had COMPLETELY COMPROMISED my entry position and trading strategy by their dilatory conduct. And please, don't suggest that if I had not canceled my orders and THEN complained about the fill price to them schwab would have made an "adjustment". B.S.!! I asked them if that was their policy and I could not get ANY answer from schwab. I asked them to send me a statement of their policy on that matter (if they had one) via e.mail from a supervisor and I'm still waiting for it.
Quick execution is the lifeblood of an active trader. I pay e.schwab a PREMIUM for their service -they are otherwise NOT PRICE COMPETITIVE with 99.9% of the other discount brokers out there. You know that. I know that. I expect service for that premium, not excuses.
It seems that a number of people have been compromised by schwab's lack of timely execution as evidenced by the notes in this thread. I think more of those people should take schwab to task for it. After all, schwab is under contract with us to perform brokerage services with reasonable diligence. If they fail to do so and if their failure results in loss profits to you, TAKE THEM TO COURT. A small claims action (depending on the amount involved) would be a relatively inexpensive and quick way of dealing with it. Otherwise, you may have to go to municipal or superior court. You bet that if you refused to pay schwab their commission (your side of the contract) they would raise hell. But that would never happen because they take your money up front!
I would love to place this fact scenario in front of a jury after showing them the schwab commercials emphasizing their "lightning quick executions" and having another broker, i.e. waterhouse, testify that it doesn't take take more than 3-5 seconds to fill a market order under normal circumstances.
I bet anything you work for schwab |
