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Pastimes : ETRADE Sucks!
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To: zoya who wrote (2185)4/15/1999 4:02:00 AM
From: Dale Baker  Read Replies (1) of 3262
 
You should check with Steve Goldman on the Trading Desk thread, but I am pretty sure that limit orders go to the back of the line compared to market orders. If the NTBK MM's were swamped with market orders in a volatile environment, your limit order could easily be put aside while the price slides down below your target.

The best traders I have seen use market orders to get in and out of hurricanes like NTBK. Then you can at least note the time your order was accepted and argue with E*Trade later based on Time and Sales data.

I did get E*Trade to change a trade that way once. Helps to have Level 2 and see just what the bid/ask is when your order says it has been accepted.

Trade confirmations - for everyone, don't rely on the confirmation messages. Go to Trading History and enter that stock symbol or today's date. You will see "Sold" executions there before the confirmation messages go out sometimes. Or if the portfolio function is actually working in market hours, the stock will disappear from the list.
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