Brokers and filling illegal orders

Quote from dagnyt:

People like you ar out to destroy America.

Always looking to sue somebody. Never willing to accept blame for anything.

No you have no action - unless it was a limit order to SELL

They bought it for you at a fantastic price. They are not mind-readers. They have no way of knowing you want to buy on upticks only. You are a crybaby


Mark
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the only way u can come to this conclusion is if you read his posts on other threads.
good thing u didn't use the word whiner. some mods will instinctively delete that word because they know instinctively who it refers to.
of course u are right.
 
happens all the time with online trading. Chalk it up to a learning experience.

the market maker could really have rejected the order though for attempting to cross the NBBO. I would guess the order wasn't for that many contracts though...
 
Quote from alexandercho:

I put a limit order at 16USD per contract they filled it at 14 USD per contract, and they bought it for me while the value of the contract was going down even though I wanted to buy the contract while it was going up! Can I pursue legal action for doing something like this?

They filled the order more than 10% away from the limit!
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You definately should file a complaint at your local FINRA office for doing <10% BETTER than your limit order. How dare they fill you at a better price than your limit, this is an outrage!

Get your State Attorney General involved ASAP.
 
That's why many times, brokers tend to blame most traders out of "instinct".

Hell, if you're a CSR & you see this crap all the time, then, pretty soon you'll sound like an IB rep!

These fools & their "seek legal action" BS. Damn!
 
Quote from alexandercho:

I put a limit order at 16USD per contract they filled it at 14 USD per contract, and they bought it for me while the value of the contract was going down even though I wanted to buy the contract while it was going up! Can I pursue legal action for doing something like this?

They filled the order more than 10% away from the limit!
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lol!

Not to laugh at your misfortune, but that really struck me as funny.

How long ago had you entered the order? if you enter it as GTC ("good 'til cancel") it'll just sit there and wait until you physically cancel the order.

Other options are for "day," which expire at the end of the trading day, and another type "fill of kill" is of even shorter duration (not sure if fill-or-kills are still available at the retail level).

Unfortunate that it happened to you, but consider it like paying for a seminar in trade execution or something. You'll likely never leave a GTC order just sitting around. Hopefully it wasn't too much money.
 
Quote from zdreg:

good thing u didn't use the word whiner. some mods will instinctively delete that word because they know instinctively who it refers to. of course u are right.
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OK, I'll bite. Who does it refer to?

:confused:
 
Quote from el pollo:

You definately should file a complaint at your local FINRA office for doing <10% BETTER than your limit order. How dare they fill you at a better price than your limit, this is an outrage!
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I went to Walmart this morning.

The salesperson said, "It's your lucky day. That item was reduced 25% today."

I asked, "Can I have yesterday's price?"

:)
 
Quote from johnnyc:

happens all the time with online trading. Chalk it up to a learning experience.

the market maker could really have rejected the order though for attempting to cross the NBBO. I would guess the order wasn't for that many contracts though...
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No he cannot

The MM cannot reject the order. Where do you get such ideas?

The MM is not supposed to see the customer order, unless it cannot be instantly filled when it reaches the pit.

The MM is filled electronically because the offer is lower than the bid and that's that.

Mark
 
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