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Bill, thanks a lot for your help. I agree it's better to sell into strength, but I was long on a stock yesterday, and it opened at 15-3/8. It didn't gap up as I was expecting, so I decided to sell, expecting a selloff. I couldn't sell on Nasdaq, too many shares + stock not there on bid, and I'm with Watley so All I had left was to hit the bid on Island and end up chasing it, as it started falling, or sell on Selectnet and hope someone hits my order. I finally called my broker and told their trader to do it, because my point was to just get out as quickly as possible. I gave them the order at 15-1/8. 2 minutes later it was at 14-3/4. A minute later the trader comes back on the phone and tells me my fill was 14-1/2. I had 2000 shares. Lost a grand on what I believed to be his incompetent fill. I didn't have ARCA at the time. Come to find out you have to ask for it. He had sent my order to Selectnet and waited. He was no better than me...AND HE HAD ARCA!!! So, what I started doing is finding out what is THE BEST WAY/AND THE FASTEST to get out in a case like this. I just started direct trading so I'm pissed that they never included ARCA in their catalogue as an option OR that the trader didn't get me out faster on ARCA. What is your advice in this matter? do I have a claim against the broker? Also what is the BEST method for selling quick so you're not chasing it. BTW, who are you with. Thanks for your help. -Tabler |
