scottrade execution

T

tradingauto

So lets say I am watching times and sales for citibank and I see trades whizzing by at bid 4.70 and ask 4.71. I enter an order to buy citi shares at 4.70 .. order sits and sits while I am seeing citi transactions at 4.70 in times and sales, why is my order pending... all of a sudden order executes and guess what... bid is now 4.69 and ask is 4.70 . I have seen this countless times now. any idea why this happens?

by the way I am using scottrade.. its not really fancy as it only accepts two decimal places for the share price.
 
Quote from tradingauto:
----I am watching times and sales....
----I see trades whizzing by at bid 4.70 and ask 4.71.
----I enter an order to buy shares at 4.70.
----order sits and sits while I am seeing citi transactions at 4.70 in times and sales....
----why is my order pending? (not filled?)....
----all of a sudden order executes....
----guess what....
----bid is now 4.69 and ask is 4.70.
----any idea why this happens?
----only two decimal places....
More...
1) It sounds like your order is far back in the queue and is getting filled when the market turns "4.70 sellers". That's normal. :)
2) You cannot "decimalize". :(
 
The anser is simple.

price quantity
offer 4.71 xxxxxx
bid 4.70 yyyyyyy

You are queued up as a buyer at 4.70. So there may be plenty of trades at 4.70, but those trades are for people who have placed the buy order before you - shown and iceburg.

The big boys may see the market wants to sell, pulls the iceburg - liquidity at the bid 4.70 disappears - except your order and couple of other retail guy's orders.

Main thing - did your order get executed at 4.70? You order - based on what I can see on your post - should be filled at 4.70.
 
to all above i would add subpenny trades. if you sit on the bid @ 4.7 and trades executed @ 4.7 it doesn't mean that they are traded @ exactly 4.7. in today's US fucked up markets there is almost always a guy on front of you with order to buy @ 4.700001. and he always got his fill,because he has a price priority. and for you(and me)-we can't even see these executions,because for us,the mortals, with retail accounts-prices are rounded to 2 decimal points. welcome to free and fair US markets! enjoy!
 
Quote from Bob111:

to all above i would add subpenny trades. if you sit on the bid @ 4.7 and trades executed @ 4.7 it doesn't mean that they are traded @ exactly 4.7. in today's US fucked up markets there is almost always a guy on front of you with order to buy @ 4.700001. and he always got his fill,because he has a price priority. and for you(and me)-we can't even see these executions,because for us,the mortals, with retail accounts-prices are rounded to 2 decimal points. welcome to free and fair US markets! enjoy!
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We can see orders rounded to 4 decimal points.
 
Quote from NY0BScalper:

We can see orders rounded to 4 decimal points.
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who is your broker? even if you can see them-you can't place an order to buy @ 4.7001. can you?
 
Quote from Bob111:

who is your broker? even if you can see them-you can't place an order to buy @ 4.7001. can you?
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sterling. no the .000001 only a firm trading against client orderflow can use, however there are many ways for retail individual to execute between bid and offer at sub penny prices.
 
the OP refering to scottrade.

i just got off the phone with my broker,because i'm in exact same shoes..trying to close one microscopic position. partial fill of my order from previous days. it's like 150 shares @ 1.89 on tiny volume stock. i place an order to sell my shares. regular order, not hidden,not iceberg. sell 150 @ 1.89. i was only a seller @ all time. few minutes later-400 shares traded @ my price...no changes on ask-no changes on price,size-what ever. i'm only one with my shares. another trade passed by at my price..500 shares..i called my broker and ask him about this shit..how one can trade @ my price, without even posting the order,if i'm only a seller at that time? the answer-over the counter @ 1.8899999999.
today the game is rigged to the point,where you can be right about certain price level a fucking 100 times every day. but it's doesn't matter anymore,because you can be right,but it doesn't mean that you going to get filled. it 's worse, that a fucking casino. wild west...
i have no idea,how and what a fucking SEC is regulating,if we are ended up in this shit.
 
The game is not rigged now. It has always been that way.

Stop complaining because you as a retail customer can't compete with institutions filled with professionals that do this for a living. You will never had an inside edge. GET OVER IT.

Stop thinking you deserve anything more than you already have.

You complaining to the SEC about trading is just as stupid as these examples.

"I have a great idea for a nanochip but I don't have a superclean $4 billion production facility like Intel. The game is rigged."

"I can see from Bestbuy's financial reports that their Cost of Goods Sold for TVs is less than their sales. So I called up Sony in Japan and asked for the same price they give BestBuy. They wouldn't. The game is rigged."
 
Quote from Bob111:
----150 shares @ 1.89 on tiny volume stock.
----@ 1.8899999999.
----a fucking casino, the wild west....
----this shit.
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Stay away from penny stocks and cheapy stocks. :)
 
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