LOL...that is so true. if it's a slow day they seem to spread the quotes out just to the stop prices and take everyone out....then bring the quotes right back up. it's not like they don't see the stops right there on their order book. i think there's supposed to be a rule about posting quotes that aren't bonafide...but they're never gonna check into that.
I thought it sounded a little fishy when Mike said he left a stop with a NITE. I didn't think it was possible to leave a stop with NITE, but I assumed that Mike was correct in saying that he did do so, and assuming he could, I was sure it wasn't a good idea, and advised him against it. But I guess it isn't even possible to leave a stop with NITE, after all. Mike now says he left the stop with his broker, not with NITE. So my advice was incorrectly premised, when I assumed that he did leave a stop with NITE.
Jim, Your comments got me thinking... In my execution/order logs, ARCA and BRUT orders are always "Confirmed". They are sent, stay in a "pending" state for 1-3 seconds and then become "confirmed" (I assume by the ECN). NITE orders are different however, they always stay in the "pending" state until executed (there is no "confirmed" state). I'm not sure what this means exactly - the software manual isn't specific with such a case. Does it mean that my order sits on the trading software's server or on NITE's order book? I believe you are saying that you cannot leave a stop with NITE directly... Does anyone have experience with this type of thing? Thanks, Mike
Mike, I think you are asking questions which can only be answered by somebody who knows about your specific broker's system. I don't know about it, so I can't answer. You should, as a trader, make it your business to understand your broker's system in general, and to get to the bottom of what happened with this specific trade. If you don't, then you will, in the future, likely be paying trading costs substantially higher than necessary, which can make all the difference between your success and failure.