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Strategies & Market Trends : The coming US dollar crisis -- Ignore unavailable to you. Want to Upgrade?

To: Tommaso who wrote (5658)	3/30/2008 3:49:07 PM
From: RockyBalboa	Respond to of 71475

Tommaso, thats comforting to hear that Bofa did something for you. Currently I use IB. There I get an extra warning if I want to trade outside the last established price range by a certain percentage which can be configured. Particularly if there are no active bids nearby. Sometimes that is annoying but it often helped to think twice. IB has a button which automatically opens a mistrade request. This is important because particularly, on futures exchanges there is only a 10 Minute timeframe to ask for a mistrade to be reviewed. I was made good on some erroneous trades which saved me a lot of money. Before that, I traded with Datek / Ameritrade and they never cancelled a trade. Once, I overpaid $1200 by mixing up Genta with something else, and called them immediately. Nothing done.

To: Tommaso who wrote (5658)	3/30/2008 5:06:07 PM
From: RockyBalboa	Respond to of 71475

I immediately called the 800 number and got a guy who was sympathetic but said after-hours was all automated and there was nothing he could do. He said call back before 8 a.m. the next morning. Here the guy is wrong. The ECNs have their own cancellation rules which are very strict and apply at all times including off market hours. I had many lucky fills cancelled right because of that. There is one subtle thing. If you round trip a trade in off hours over different ECNs you face a very odd kind of risk. Guess you sell at a high price then purchase back the position and those trades happen across different ECNs. It happened to me once that the sale of a stock got cancelled but I was made aware of it too late, so the other ECN ruled my purchases stand. I had to eat the loss and carry around the position until the next day which was not what I wanted.