Proof That Specialists Are Crooks

OK,

So if you look at the files, you can see that my stop order was tripped even though the prices were .20+ under the stop level.

In other words, unless I'm missing something, the Spec just decided to go ahead and turn my stop market order into a market order and went ahead and filled it at his discrection, never mind that NO prices traded, spiked or even quoted up to or through my stop level.

Is this even legal?

Should I forward this to SEC or just get over it?

(no flaming necessary, I'm openminded on this subject but would appreciate polite opinions)

Thanks,

Paul
 
Originally posted by chasinfla
did you comb thru the time and sales?
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No, but I was staring right at the chart when it happened and TS's charts are so good they almost never miss a tick and certainly not one that far away from NBBO.


Paul
 
Looks like the your stop got triggered 3 bars before which translates to 6-9 minutes ago before he filled you.Look at the time stamp of your stop. you might have a case BUT the whole point could be moot if Tradesation missed a couple of prints-highly unlikely that it missed enough prints to leave a 20 cent gap in your charts in that bar that triggered your stop, unless SPy had a couple of big gap prints missed by TS. Even though it might be a waste of your time, follow it up because the explanation you get from them might help you in the future.
 
First of all, are your stops locally on your computer, at your broker, or on the specialist book itself? For many brokerages it is the first two options. Secondly, even if your stop was at the specialist, its all done electronically anyone. The specialist didn't manually try to screw you on your 200 share lot. Most likely some sort of software mistake either on your computer or at your brokerage.
 
Originally posted by GATrader
Looks like the your stop got triggered 3 bars before which translates to 6-9 minutes ago before he filled you.Look at the time stamp of your stop. you might have a case BUT the whole point could be moot if Tradesation missed a couple of prints-highly unlikely that it missed enough prints to leave a 20 cent gap in your charts in that bar that triggered your stop, unless SPy had a couple of big gap prints missed by TS. Even though it might be a waste of your time, follow it up because the explanation you get from them might help you in the future.
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No, I left the order filled message in there for the screenshot (didn't place any other orders) but the timing all coincides on the chart just like I wrote - I set the stop on a 3 min bar that was trading entirely under 85.00 -

Thanks for input.

Paul
 
This should be a question for tradestation. Where do they route. It is my understanding from when I heavily traded the qqq that the amex does not even take stops with their etfs and spiders. Check the rules as they may have changed. So you may have been screwed by a the people to whom ts sends your orders not even a specialist. If you were improperly triggered you would have had an argument at the time it happened. However in all likelihood there was probably a print somewhere that caused you stop to be triggered. It has happened to me more than once.
 
I don't understand why you guys complain about specialists. We need them. I went down to the local fruit market to get some apples and it was total mayhem.

The sellers were juggling the fruit and paying no attention to the buyers. The buyers were slapping each other in the face and going nuyk-nyuk-nyuk (ala 3 stooges). It was chaos I tell ya!!

Until a great person stepped between the two groups. Someone whispered that he was up from NY on his honeymoon. He swiftly organized the buyers and sellers into two lines and began to go back and forth furiously.

All was saved. Those wanting apples got apples. Those selling apples sold apples.

How the hell does ANY market out there operate without a specialist?

Beats me.
 
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