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

To: steve goldman who wrote (4386)	3/25/1999 1:00:00 PM
From: J.S.	Read Replies (1) \| Respond to of 4969

Steve, I had the following bad experience with my broker occur. I am not sure if my broker is dishonest misinformed or just a bad communicator. I am switching as soon as I can close out my positions. Nevertheless, I would like some straight answers. (have also posted this on another thread) Yesterday afternoon, I had a limit order to buy BEAM (purely as a short term momentum play). I put in a limit order for 1000 shares at 7 1/2 at 3:10. After watching it for a few minutes I decided to change my order to a slightly lower price. As I am trying to change I experience delay with their server and notice the real time quote no longer shows a bid of 7 1/2 or above. I nevertheless change the limit to 7 1/4. I call up to inquire and get a times and sales check. In talking to a broker, I find out that the quote was 7 7/16 x 7 1/2 while my 7 1/2 order was still active (before I changed it) I ask them to tell me why I wasn't filled and to "research it" stressing I want to know by the open. I call again this morning and to talk to my branch manager and ask. Here is what transpired: Manager: But you changed your order Me: I am talking about what happened before I changed it..was i due for a fill. Manager: If you thought your order should have filled then why did you change it? Me: Why is that relevant? (I explain this ) Manager: fair enough (he checks into it and tells me to call back) Manager: (after checking)I have checked and it the ask did not reach 7 1/2 while your order for 7 1/2 was still open. Me: Check 3:13:55 Manager: Oh yes the ask is at 7 1/2 for a "few seconds" But that doesn't nec. mean you should have gotten a fill.. Me: I don't know about that but one thing is for sure my 7 1/2 bid was taken out Manager: Blah blah blah not understanding Me: Are you familiar with the Manning rules which state that in 30 seconds a limit order must be executed or displayed? Manager: No....I am not a trader. Me: Can I direct my concern at someone who is familiar..a trader etc.. Manager: Yes, but I don't understand your concern Me: (I explain again..)... If I was not due a fill then it looks like my order was not properly processed. Manager: I don't understand your problem..but if you put it in writing then ... Me: OK. Let's forget this order for now and I will follow up later.. (I am summarizing. Actually he included many more diversions during the conversation) This is not the first time that this has happened. Have actually had the opposite happen to. Many too late to cancel but with a report hours later or even the next day. ALL those times the position had moved against me. The too late to cancel is ok...the problem is the late report. What to do now? I am afraid if I follow up and the price drops below 7 1/2 then they will suddenly reverse their position. Much thanks in advance, Joe