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Technology Stocks : 3DFX
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To: DD™ who wrote (2435)4/23/1998 10:10:00 AM
From: William T. Katz  Read Replies (3) of 16960
 
DATEK problems in executing 3dfx trade:

I need some help here from more experienced traders. I moved from E*Trade to Datek because the executions were handled faster and the site was open more frequently. Today, I placed two orders:

9:30 Stop Market Sell at 27 15/16 [This is when bid was up to 28 1/8+]
9:32 Market Sell [Real-time showed 28 1/8 x 28 3/8]

My orders sat in "open orders" (entered, received, but not executed) until 9:43 am when both were executed at 27 5/8.

I called Datek and after 15 min got through to a rep. He said NASDAQ was slow and there is no guarantee other than DATEK says you don't get charged commission if your order is executed within a minute.

Do I have no recourse? My order took 11 minutes to fill (from the market sell order) and the stop loss took 3 minutes (they said it wasn't executable until 9:40).

Is this is not a trader problem (i.e. Datek)? 11 minutes!!

Your advice?

Thanks,
Bill
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