New Trader, screwed by market order, need help

Quote from capline:


the price I got was something like 106.95 when the pair was 105.88. I was immediately down 10k, wiping away a 6k profit.
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If that's indeed the case, 105.88 to 106.95 is 1.01% difference, so your fill is >0.5% away from the market. You can ask for cancellation in IDEALPRO; not sure if this also applies to IDEAL.

Also, from what I know, if you send a market order to IDEALPRO, it will "look" for the best price and execute either in IDEALPRO or IDEAL. According to what seems to have happened to you, this does not hold for orders sent to IDEAL... maybe someone from IB can clarify this?

I also had 2 horrible fills recently, one of which is---in my opinion---questionable: http://www.elitetrader.com/vb/showthread.php?s=&threadid=136951
My trouble ticket is still under review after a week...
 
My advice is that if you have any doubts about your fill, don't just let it go. Open a trouble ticket with all your questions, and please keep us updated. I am doing 20-30 transactions on IDEALPRO daily, so anything "funky" concerns me greatly.

btw, I've also been using Oanda for more than a year now, and had no issues there. But I am doing far fewer trades with them...
 
Quote from capline:

Hi Everyone,

I've been lurking in these forums for a long time, soaking up everyone's comments and knowledge, and I love this forum. Even as a new trader, I have always known never to use a market order, as I heard the broker, specialist, etc can manipulate the price and give you a horrible fill.

Nonetheless, while I was merrily scalping dollar/yen, and I saw a good opportunity and the price was moving very fast, so I used it. (my limit order was not filling even after 30 sec) Well, I was trading about 1mil units, and the price I got was something like 106.95 when the pair was 105.88. I was immediately down 10k, wiping away a 6k profit.

My question, do I have any recourse at all with my broker? If not, what can I do? I use interactive brokers. Thanks for the help, really appreciate it.
More...

What's wrong with a limit order?
 
Quote from capline:

Hi Everyone,

I've been lurking in these forums for a long time, soaking up everyone's comments and knowledge, and I love this forum. Even as a new trader, I have always known never to use a market order, as I heard the broker, specialist, etc can manipulate the price and give you a horrible fill.

Nonetheless, while I was merrily scalping dollar/yen, and I saw a good opportunity and the price was moving very fast, so I used it. (my limit order was not filling even after 30 sec) Well, I was trading about 1mil units, and the price I got was something like 106.95 when the pair was 105.88. I was immediately down 10k, wiping away a 6k profit.

My question, do I have any recourse at all with my broker? If not, what can I do? I use interactive brokers. Thanks for the help, really appreciate it.
More...


NEVER NEVER NEVER.........use a market order in FAST MARKET CONDITIONS!!!!!!!!

fast mkt rules apply and you can get crushed on your fills. in some cases you can't/won't get filled. I was a broker for several years and Ive seen all types of fast markets and catastrophy. Yours is not even in the top ten. I'd call IB and see if they can verify with you what happened to your order. If all else fails there is always "ARBITRATION".

Chances are you won't win because you broke a cardinal rule: "Never chase the market". you should always let the mkt come to you with stop or limit orders --- never use market orders unless it is an emergency and you need to get out of a trade ASAP!! and even then you can still use limit and stops.

Don't panic. Never panic. always keep your cool.

be encouraged

:cool:
 
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