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Non-Tech : Fight The Power! -Your Broker Just Screwed U - Now What?
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To: rlp66 who wrote (267)2/4/1999 8:32:00 AM
From: Dan Swartzendruber  Read Replies (2) of 323
 
This problem is endemic to online brokerages. Waterhouse, Webstreet, Datek, you name it. They all sell their order flow, and cancellation of open orders is just asking to get screwed. Some of the blame attaches to the market makers they send the orders to, not the broker themself. The MM will stall your order, and play other games until the price is right. As far as delayed execution of orders that were supposed to be cancelled, that is also usually the MM's fault (if they don't give the broker confirmation, now what?), although it would be nice if the broker didn't say CANCELLED when they don't know for sure...
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