New Specialist trick today.

Discussion in 'Order Execution' started by dalegrief, Apr 1, 2003.

  1. Today, I was trading a stock when suddenly the offer was raised by about 25 cents. Usually I will try to short the stock a the high print. So I send in one order for 400 shares to sell 1 cent below the offer. A few minutes later, I send in another 400 share sell order 5 cents below the offer. He prints out a few minutes later about 10,000 shares at the offer BUT only gives me 100 shares of each order. Which makes no sense at all. Since they were seperated by time i should have gotten 200 shares of one order and none of the other. It shows you that the specialist was simply unwilling to give me shares at a good price. BY the way he immediatley printed 10 cents lower on the next print. Wow these specialist have gotten especially tough in the last few weeks. Anyone have similiar experiences?
  2. rs7


    Not much you can do about this. You will be told that the shares ahead were shares sold long. Which is the rule. Short sales come after longs. You will get the same answer every time if you question the trade.

  3. Except I had bullets and I was selling long
  4. irregardless of it being marked long or short, if your order is not live for at least two minutes, the specialist is not obligated to fill you.
  5. Is it still 2 minutes, or 30 seconds, or what?



  6. labranche and the rest of the specialists are taking it right in the ass

    they will screw you any way they can right now

    the party might be over

    emini trading continues to beckon
  7. what stock is it, is it thin? happens to me occasionaly and usually when volume is real light like a couple weeks ago, but not enough to hurt me in the long run. of course it only happens when its going to be a sweet fill, so i am sure yours would have been a good trade. i hate when you put in an order for 1000s and he gives you 100s, no chance top get any other dencent fill and then you have to watch it run and make chump change... i think i would rather get no shares, pisses me off less, b/c then i think i was just too late.
  9. if you are marking stock long when trying to really get short, and you dont own bullets or conversions on that particular stock, you are selling short illegally. i would advise against that if you value being a trader.
  10. gak gak gak

    thanks for the free advice

    #10     Apr 2, 2003