A little info for active traders. Here is a little story that just happened to me. I was in a trade recently where an institution was getting short at the market. The offer chased down about .15cents. When the offer was taken out in a mad panic people started to buy up an island offer that was still at the same price. This island offer happened to be exactly 1 point out of the market. This has happened to me before so i put in a save on my software. If the price is 51 cents or higher my software gives me a prompt saying are you sure you want to place this order. (if i ever see that i just click no). At the time this offer was eaten up the specialist on new york showed the offer 1 point higher for a mili second, and i mean mili second.(This is why i did not get my saving prompt asking me if i really want to place this order). It happened so fast i did not even see it, i went through the time and sales on my first alert after trading was over just so i would truly believe the specialist did actually show a point higher which was the truth. Upon figuring out what i had done, i phoned in immediately to put in a complaint with island. My firm made the calls and got the wheels in motion. It takes island a long time to get back to you. Around a half hour later i got a call saying that if i want to fight it, it will cost 200$ win or lose. If you can believe this at this time the stock had moved up 80cents and i was only down roughly 200$ on my 1000 shares. So i said dont bother trying to fight it, i will burn on the 200$, not the end of the world. (Still pissed at the whole episode, but life goes on). I did not sell my shares right away because the stock looked strong. The stock continued to climb and i actually made a profit on the trade! WOW
I sold my shares and was happy. The stock continued to go up even higher. WOW I continued trading.
Roughly 1 hour later my position showed me in a short position of 300 shares of that same stock. The stock had even continued higher so it was showing me down money. What the heck is this crap? About 2 hours after the original episode island decided to break part of my trade. My original trade of 1000 shares went through in 2 prints, 1 of 300 shares and 1 of 700 shares. These guys at island waited 2 hours to break it once they had seen how high the stock had went. Tell me how can you wait 2 hours? If the stock had gone lower would they have broke the trade giving me a positive cash position. Not a chance. Oh i understand wait and see how high the stock goes first. And if anyone can comment how the heck can you break only 1 of the 2 prints? What kind of a gong show are they running over there?
In the past i have heard other people complain of the same thing (buying 1 even point out of the market). Island is acting like i did something wrong. Tell me does anyone know these orders that are exactly 1 point out of the market, are the people that are placing them working for island? This has been going on for a long time. Does island not know who these people are? The nyse would not put up with this crap. Those people would be banned from trading if they didn't clean up their act. If anyone would like to comment it would be appreciated.
P.S - The firm i go through is very respectable and treat me awesome. They are going to eat the loss for me. And if you can believe this island is trying to charge them the 200$ fee for fighting it. Thank you Echotrade!
I sold my shares and was happy. The stock continued to go up even higher. WOW I continued trading.
Roughly 1 hour later my position showed me in a short position of 300 shares of that same stock. The stock had even continued higher so it was showing me down money. What the heck is this crap? About 2 hours after the original episode island decided to break part of my trade. My original trade of 1000 shares went through in 2 prints, 1 of 300 shares and 1 of 700 shares. These guys at island waited 2 hours to break it once they had seen how high the stock had went. Tell me how can you wait 2 hours? If the stock had gone lower would they have broke the trade giving me a positive cash position. Not a chance. Oh i understand wait and see how high the stock goes first. And if anyone can comment how the heck can you break only 1 of the 2 prints? What kind of a gong show are they running over there?
In the past i have heard other people complain of the same thing (buying 1 even point out of the market). Island is acting like i did something wrong. Tell me does anyone know these orders that are exactly 1 point out of the market, are the people that are placing them working for island? This has been going on for a long time. Does island not know who these people are? The nyse would not put up with this crap. Those people would be banned from trading if they didn't clean up their act. If anyone would like to comment it would be appreciated.
P.S - The firm i go through is very respectable and treat me awesome. They are going to eat the loss for me. And if you can believe this island is trying to charge them the 200$ fee for fighting it. Thank you Echotrade!
