Buy to cover question
- Thread starter CasperCRF
- Start date
Casper, it DOES sound like you got a bad fill. The market's not gonna move that much on NITE before and after your order. It probably got routed to CHX..they are horrible at market orders.
Call your broker and ask them for the exact second your order was sent to the market center and ask for a National Best Bid/Ask at that time. You're due at least some of that. Maybe you'll only get 100 shares or whatever the size was on the NBBO, but if you tell them you want the Best Ask at the time your order went in, they can go back to the MM the order was routed to and fight for you.
Send me the time and who the order was routed to and I'll post the time and sales.
If the slippage isn't that much (which most brokers use to comply with Best Ex) they won't ask for a better price automatically. Our firm monitors these slippage amounts and files complaints with the market centers the next day, so don't think it's too late to ask for a price correction.
=======================Quote from CasperCRF:
I attached the chart from today. The stock was NITE and I got filled short 3500 shares at 9:35. I covered 2 minutes later at 9:37. You can see on the chart that it didn't even show up in the chart as a trade.
I just checked on Yahoo and Stock charts and they show it on their charts as a trade but it didn't show up on mine. This just irks me because I go to cover thinking i just made a nice trade and then it showed up as a loss in my pnl. I wrote my broker, still haven't heard anything yet.
I don't expect anything to come from it, just live and learn. It still pisses me off though!
That bad print doesnt show up on my charts either;
like your charts & that last elite time/sales poster shows,
think you should wait until reg market hours are over &
firmly/politely insist on a credit for comissions or a credit from broker. Hope you broker has toll free phone
And while market orders can rook you, especially in nas
or stocks you dont know well, would politely insist on a credit
or comission credit.
May also ask for a written copy of your brokers time/sales;
looks like it may agree with us????, not YHOO charts.
And you did sell at a pretty good time/30 minute downtrend,
however exspect more
wild uptrend prints now, cause since you covered Caspar,
NITE closed above 200 dma,
NITE closed up persistantly much more now on above average buy volume,
NITE big gap up held ,a sign of uptrend strength.
NYSE listed big newspapers are downtrending much better
Let us know what kind of credit they give you;
all our data/charts points to that being a false bad print they gave .
Wisdom is the principal thing.
Whenever you find something like this happening, talk to your broker ASAP. Do not email, do not wait until after market hours, the next day, etc. Your best shot at getting an adjustment is within minutes after the trade.
Is this a direct-access broker? If so, did you route the trade yourself, and to which destination? If you have no control over the routing, then you have a decent argument. I'm guessing it went to an ECN that wasn't at the inside market, either through your actions or your broker's.
Is this a direct-access broker? If so, did you route the trade yourself, and to which destination? If you have no control over the routing, then you have a decent argument. I'm guessing it went to an ECN that wasn't at the inside market, either through your actions or your broker's.
The broker was Alliance and I got in touch with them right after the trade happened via a live chat online. They told me to email support with the details of the trade. I emailed them twice and didn't hear anything for 6 days. I went to the live chat again and they told me to forward the emails to another address. I finally hear back from them and this is what they say.
"I have looked into the issue. Unfortunately, as the trade was a market trade, there is nothing we could do. Additionally, those trades have already settled, so there is nothing that can be done at this time."
I wrote them back saying that if they looked at this when I sent it to them the day it happened that they might have been able to help me out here. I asked for some compensation as far as the commission goes, so maybe I'll get something out of it. My other problem is that since I have less then 25k, Alliance is the only game in town and I can't say that I could take my business to another broker....
"I have looked into the issue. Unfortunately, as the trade was a market trade, there is nothing we could do. Additionally, those trades have already settled, so there is nothing that can be done at this time."
I wrote them back saying that if they looked at this when I sent it to them the day it happened that they might have been able to help me out here. I asked for some compensation as far as the commission goes, so maybe I'll get something out of it. My other problem is that since I have less then 25k, Alliance is the only game in town and I can't say that I could take my business to another broker....
Looks like a hosing to me. This would not happen to an experienced trader.
Once you realized that there was enough size in the open market to handle your order, you were obligated to demand an adjustment immediately, no questions asked.
I will assume you did not direct route to an ecn.
If some order flow was sold and you were ripped off, you should be compensated.
Once you realized that there was enough size in the open market to handle your order, you were obligated to demand an adjustment immediately, no questions asked.
I will assume you did not direct route to an ecn.
If some order flow was sold and you were ripped off, you should be compensated.