Vladimir,
Please note that orders7 (and all the other servers as well) come up with order type limit as the default. You must modify the order type field from a default of "LIMIT" to an alternate value such as "MARKET", "STOP MARKET" or "STOP LIMIT" from the pull-down list provided. So if you wanted a LIMIT order and had a price typed in, why would you modify the order type from limit to market? I see 2 scenarios:
1) User error. There are a max of 8 fields on the express order server including password. And a simple, straightforward disclaimer.
I understand that by choosing this server, I have agreed to bypass a confirmation page. I agree to review every order before entering it. I understand that a trade placed electronically may be executed before I can cancel it. I understand that all trades entered via the internet are solely my responsibility.
If you can't type what you mean or if you can't understand and abide by the disclaimer clearly you are not on the appropriate server for you. Use a server with a confirmation page. Maybe after a couple hundred confirmations you will be ready to remove the training wheels. Assuming you still have funds.
2) You have the express server set up to enter a limit order. Suddenly you see (via a seperate quote/chart setup or via another browser task) that the market is moving away from your limit price and in a hurry. While you understand that limit orders are safer, you want to jump on or off this issue NOW. Perhaps you have already entered a limit order or two only to have the market move away (or around) you. You have cancelled any outstanding orders for this position, and choose to change your planned limit order to a market order: click the order type field, click "MARKET", click "ENTER ORDER" and you are in the system with a market order quickly. (Note I am NOT recommending market orders, but the above scenario may be appropriate for one.) The limit price that was still showing was irrelevant because the order type had been changed to "MARKET". Don't fix it, it is not broken. Stopping the order to insist that the limit price be blanked out loses time for the 'hyperactive' trader and in this case time is money. If you have time and/or desire for such idiot-proofing, take the time to use a server with a confirmation page.
The speed I was referring to was primarily the speed of entering an order into the system from the moment of decision to the moment of order-tracking-number, only secondarily the speed of the server itself. If the requirement to blank price for market orders was checked on the server (instead of in the html or java on the client) you would have the internet delay to transfer the packet to the server, the server processing time, a delay back to the client, the delay of blanking the price (or possibly changing the order type back to the default of LIMIT) and then try again. Meanwhile the market has moved half a point against you.
The point is, orders7 was set up for traders who want to move really fast and are willing to take responsibility for checking their own orders. If you are not willing to really and truly take responsibility for what you have entered, then do not use the express server. At least re-read the disclaimer and the disclosure page datek.com and ask yourself if you can honestly accept your mistakes. Or go to a broker who does it the idiot-proof way. Schwab does: they have a very long and wordy page with much too much b.s. and white space. But if you click on MARKET while you have a LIMIT price entered, you will get reminded of it. You might forget what you were trying to trade before you get an order number, but you won't enter a market order while you have a price typed. Schwab's charge for that fine service is only three times Datek's commission. Such a deal.
I recommend you find a broker that meets your expectations rather than picking a broker that suits thousands of existing customers and expecting the broker (and customers) to change to suit your particular take on how an order screen should work. There are people on this thread who have had major (six figure) problems with Datek, but remain with Datek because of how Datek works. And I personally prefer that Datek progress toward Level II quotes and options rather than re-inventing the wheel (especially if the wheel is to be square).
Wow! Where did all that come from? Well, I feel better anyway. Used to be Rodney beat me to this stuff (and did a better job). What happened to Rodney anyway?
Happy New Year everybody! |
