Please Help - Etrade cost me $2,500 today

Stock777 - thanks for the link to the img tag

AngryAngry - In one of my earlier posts I provided the following link:
http://tinyurl.com/37sjcb
It brings up a page at the Etrade website which discusses how they handle and process orders.

I just find it funny that they claim an "average" time of 3.7 seconds to process a Market Order. Next time you see a stock bouncing around or rising real fast - count to four and see how much slippage can occur. Now I wonder when they start the clock?

MM
 
Quote from MarketMonk:

You can start by looking at this page:
http://tinyurl.com/37sjcb

What I find interesting is the statement: "Average elapsed time between market order receipt and execution - 3.7 seconds"

Actually I find a lot of interesting statements on that page.

Trade well,

MM
More...

Okay, fair enough.

But, I place limit orders basically 99% of the time.

So, knowing that, what is your opinion of their Power Etrade Pro software.
 
Investor...

But don't you pay extra for limit orders?

I thought I read somewhere a small fee was added onto limit orders, but could be wrong.

Actually I like the ET Pro platform. But my needs changed as I started to become a high volume trader and determined it was in my best interest to move to a direct access broker with significantly lower commissions.

There is nothing wrong with ET as long as it matches your style.

Regards,
MM
 
angryangry,

No that link is a shorted version of a longer link.

Go to www.tinyurl.com to learn about how this free service will take very long urls and shorten them into something that is easier to post and use.

Regards,

MM
 
Yes, I use Power E*trade Pro.

I love it! Great News Service On Demand. Great Charting Software for Intraday displays as well as Daily, Weekly, Monthly, and Yearly graphs. Everything is up to the second in real time!


But, I must say to everyone here that when you use market orders then "Life is like a box of chocolates cuz ya never know whatcha gonna get". LoL.

Always use Limit Orders For Entry To Avoid Slippage.
Sure you pay more, but at least you know what you''re
gonna get.

For Exits, it's up to you depending on how much profit you
already have in the trade. If you have plenty of profit to
spare, then use the market order where I am sure slippage
will still occur. But, what the heck, you still made your dough.

Disclaimer: I am speaking purely as an "AUTO" user.

But, I do have direct access capability with Power Etrade Pro,
I just trust the limit order over everythingelse when it comes
to entry. And, my point is, all of you should to or else there
will always be threads like this one.
 
Quote from MarketMonk:

Stock777 - thanks for the link to the img tag

AngryAngry - In one of my earlier posts I provided the following link:
http://tinyurl.com/37sjcb
It brings up a page at the Etrade website which discusses how they handle and process orders.

I just find it funny that they claim an "average" time of 3.7 seconds to process a Market Order. Next time you see a stock bouncing around or rising real fast - count to four and see how much slippage can occur. Now I wonder when they start the clock?

MM
More...
I am a long time ETrade user and have never seen that stat before. It's on their site so I guess it must be true.

I am on a dial-up (I know, I know) and use their market trader platform. Even with dial up, I can see my market order execute almost instantly in the Time and Sales column next to the Level II screen.

I never direct an order to any specific market ... so more than 1/2 of my trades are done at an odd $ px. For example, a mkt order to sell when stk is 19.95 bid and 19.96 offered will usually get executed at 19.9501. This means that ET executes through a MM that is not necessarily the best bid, but pays ET for order flow by improving (.0001) the executiion.

Also, if my mkt order is for say, 1000 shares and the bid ask is 500x500, I often get a fill on my 1000 at the bid px almost instantly.
 
Limit orders dont always get filled.Ive seen many of them in my time go back and forth several times over the limit price and never fill them.

Quote from MarketMonk:

angryangry,

No that link is a shorted version of a longer link.

Go to www.tinyurl.com to learn about how this free service will take very long urls and shorten them into something that is easier to post and use.

Regards,

MM
More...

Oh yeh I see what ya mean thats a good trick :p
 
Quote from stylark3:

Yes, I use Power E*trade Pro.

I love it! Great News Service On Demand. Great Charting Software for Intraday displays as well as Daily, Weekly, Monthly, and Yearly graphs. Everything is up to the second in real time!


But, I must say to everyone here that when you use market orders then "Life is like a box of chocolates cuz ya never know whatcha gonna get". LoL.

Always use Limit Orders For Entry To Avoid Slippage.
Sure you pay more, but at least you know what you''re
gonna get.

For Exits, it's up to you depending on how much profit you
already have in the trade. If you have plenty of profit to
spare, then use the market order where I am sure slippage
will still occur. But, what the heck, you still made your dough.

Disclaimer: I am speaking purely as an "AUTO" user.

But, I do have direct access capability with Power Etrade Pro,
I just trust the limit order over everythingelse when it comes
to entry. And, my point is, all of you should to or else there
will always be threads like this one.
More...

I checked their site thoroughly and I dont see the difference in a limit vs. a market order.

Here's the link for the costs of Power Etrade Pro Trading Platform.

https://www.canada.etrade.com/splash/profees.shtml

1) It IS a direct access broker

2) You can still route things Auto

3) I dont see anywhere, even in the fine print, where it discusses the fact taht it costs more for a limit order.

In fact, a limit order usually involves adding liquidity, therefore, you wouldnt even be charged for it.

The only extra fee I see is the 35.00 for broker assisted trades.

Is there another page you have looked at for pricing of the Power Etrade Pro Platform??
 
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