You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an alternative browser.
You should upgrade or use an alternative browser.
incredibly bad execution
- Thread starter sue1jeff
- Start date
Be a little more specific . Which index, month, and strike?
The easiest solution if that's happening is to switch brokers...
An order to close an open long position should never have to be reviewed.
An order to close an open long position should never have to be reviewed.
Schwab should have a policy on how long orders can be delayed for when they kick out for manual review. Call up and argue your case, ask to talk to a supervisor, they may adjust your fill as an accomodation if it is a valid argument. I used to work for a broker and we had a desk that handled a few thousand orders a day that the system could not process. It was too tough and cost too much $$ in manpower for them to change the programming, so the solution was to pay eight clerks full time to man printers and check these orders and punch them in if they were valid; our policy for order re-entry was two minutes. It was dumb, but somebody was happy with the way it worked. Our customers weren't!
MOB
MOB
I've experienced their manual approval delays on opening orders (when I was above my overnight holding limit but, of course, still below my daytrading buying power limit), up to a minute and a half. The worst was when I put in a market order - it was uncancellable while it was undergoing manual approval.
It's odd that they manually approve closing orders, too. Seems like a waste of their (and your) time.
When I talked to them about this a couple years ago, one option discussed was to open and account with, and move money to, their Cybertrader division. The rep said that Cybertrader was understaffed compared to them and likely didn't do as much manual review of orders. I decided not to move at the time because Cybertrader charged a high monthly fee for their software unless one did a level of trading that was larger than what I was doing.
It's odd that they manually approve closing orders, too. Seems like a waste of their (and your) time.
When I talked to them about this a couple years ago, one option discussed was to open and account with, and move money to, their Cybertrader division. The rep said that Cybertrader was understaffed compared to them and likely didn't do as much manual review of orders. I decided not to move at the time because Cybertrader charged a high monthly fee for their software unless one did a level of trading that was larger than what I was doing.
i have complained repeatedly all the way up the food chain. their policy is that they can hold it as long as they want cause there is no rule that says they cannot.
they clain to aim for no more than 3 minutes or so but i had a market order once that took 9 minutes.
a person from schwab told me"we can stick it in our back pocket for a week if we choose"
after that i filed for arbitration which is pending.
they clain to aim for no more than 3 minutes or so but i had a market order once that took 9 minutes.
a person from schwab told me"we can stick it in our back pocket for a week if we choose"
after that i filed for arbitration which is pending.