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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: Satyr who wrote (3410)	7/23/1998 4:10:00 PM
From: Brendan W	Read Replies (1) \| Respond to of 4969

Well, yes I do... (with Brown & Co). Frequently, actually. It just depends on who you're doing business with and what effort they put into execution quality, and how much they'll stand behind it. If your discount broker routes NASDAQ limit orders to major, liquid market-makers like MASH and NITE, and routes listed limit orders to third markets that guarantee NYSE/ASE mirroring (or to Superdot), this will happen for you. If on the other hand you're with a broker where all you care about is the nominal fee of the transaction (Datek, for example), live and learn. You wrote: >>>> Did you ever get a satisfactory answer from a firm if it was never BID or OFFERED at your price??

To: Satyr who wrote (3410)	7/23/1998 4:41:00 PM
From: Steven Bowen	Read Replies (1) \| Respond to of 4969

Exactly. And I agree, it seems to be a much greater problem than it was just a few months ago. At least I'm having much greater problems than I did just a few months ago. Brendan, the stocks I've been trading are all NMS stocks, price range $30 to $40, volume of 500,000 to 2M a day, no order modifiers, and I normally trade 1000 shares at a time, unless I want to see my trade on time and sales to try to prove my point, then I'll try 700 or some other odd number. Just to be clear of the problems I experience, an example; If a stock is quoted at 40 by 40 1/2, I may enter an order to buy 1000 at 40 1/8. By all rights, the quote must update to 40 1/8 by 40 1/2. In many cases lately, it doesn't. And whether it updates or not, I'm finding that almost no matter what happens next, I'm screwed. If it does update, and trades go thru at 40 1/8, I'm finding that if the stock moves up, I won't get an execution. If the stock moves down, of course I get filled. Talking to customer service is generally useless. If the ask never got to 40 1/8 or the stock trades thru you, you aren't entitled to a fill. Well, there's a big differrence between being entitled to a fill, and should have been filled. So I guess what I'm saying is, I'm not getting filled when I "should", only when I'm "entitled" or the stock moves against me. I'm suspicious that the firm or MM's hold my shares for a bit, and if it looks to be a profittable trade, they keep the shares for themselves and tell you your limit order never got filled (you were never entitled). If the trade doesn't turn profittable, they'll let you have the shares. I know this sounds paranoid, but I've seen it happen too many times, and have heard of too many others that have the same problems, that I have to believe something is not happening fairly. And yes, I have sent a long e-mail to ETrade, but you know that story, it'll be a couple days before I get any response, and when I get it it won't make sense, will blame others, or just say I'm not entitled blah blah. And yes, I'm planning on switching to the likes of MB Trading or CyBer Trader, but if these problems are due to the MM's and not ETrade, then can't I expect the same types of problems with either of these? (Sorry Steve, but I just hate using telephones.)