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Non-Tech : Datek Brokerage $9.95 a trade -- Ignore unavailable to you. Want to Upgrade?


To: David Kuspa who wrote (10825)1/20/1999 11:33:00 PM
From: Esteban  Read Replies (1) | Respond to of 16892
 
Yes, my order was a Nasdaq market order. Has this happened to you before, and what did you do about it?

It's been a long time since this has happened to me, but I also don't trade with Datek as often as I used to. And I never use a market order on a Nasdaq stock. I'll simulate one by placing a limit buy above the ask or limit sell below the bid when I want market order like execution. It may not always fill, but neither do the market orders placed under the same conditions of a fast market, unless of course you no longer want them to. It seems you can almost always cancel the limit order if you don't get the fill, so at least you know where you stand.

As far as what to do when you can't cancel, I've just called Datek and they've canceled it for me. Fortunately, I didn't get wrong information about the order like you did. I don't think there is much else one can do.

Esteban