WOW Another complaint about ASSENT!!!! HMMMMMMMMMM I guess all of us who have been bashing them, don't know what we are talking about???? And the registered users of this site know who I am talking about. danjos, I read before you are considering the Naz..............wise choice. It is more transparent. Just start small, because it moves much faster. The Naz is what it is. There are many venues for trading.MM's may pull qoutes and or refresh, but that's ok because as I said there is more than one ECN or MM. YOU WILL GET YOUR FILL! Think of it like this if you are holding 4 aces are you gonna show or tell the whole table? No Well do you think that floor broker with 100k shares is gonna do it? No So...... orders on the book will appear and disappear and while you are trying to figure out what is happening or happened, you will be getting pennied while that 100k floor broker is unloading! Trade NY, than wait for volume and make your move. IE... hit a bid or post an offer and you will probably get taken if the stocks a movin. Hope that helps.
danjos, your mistake was using a market order. The specialist took advantage of it to pocket $200. Had you offered out a limit order you would have got 28. cuz, this has nothing to do with Assent...it has to do only with DOT and the specialist.
cuz: A DOT market order is a DOT market order, no matter which firm it comes from. Assent has nothing at all to do with this, except that maybe another firm's desk might have been able to get an adjustment if they were able to argue it better (no evidence of this - just a possibility). Looking at the chart for Thursday, I see the area in question. It seems to me that you should be entitled to an adjustment to the 27.80 area or above, since that's where the market for the stock was after the big buyer got filled. It would be one thing if he filled you immediately at the bid and other bids showed up later to support the stock at 27.80+, but after the order sat for that long, and after he got the big print done, it should have been clear where the market was, and a fill down at 27.42 doesn't seem reasonable. If you would post the T&S for the area in question, it might also help us better understand what happened. The other thing you have to understand is that it's hard for anyone involved to get excited over a possible adjustment of 4x0.50, so it probably requires a little finesse to get it done. Not that it _should_ be that way, but that's the reality.
If you're with Assent, then it sounds even weirder. Sure, fax over the execution page from your confirmations. Show time of order entry, order number, type, TIF, etc., and that way I can see the "give up" - to the exchange (executing). Fax to my attention at: 702.739.1398 Don
Alanm..............First off with regard to Assent I was responding to a post that there was trouble with the support desk, as someone wrote a few posts before.........not the DOT order in question. Second I am very well aware of DOT orders and what they are, but if you believe that Specialists and or Floor Brokers don't trade in front of computerized orders outside the floor than you are entitled to believe what you want. All I was doing was trying to point out to danjos is what is happening and why and what he can do to try and alleviate the problem. He would be less likely to have this kind of problem with thick NYSE stocks, but I don't know what he trades. There is risk in everything and this is one example when trading thinner listed stocks.
I never said it had to do with ASSENT. I was referring to the support desk that he claims was unhelpful. Did you and Alanm actually read my post? It doesn't appear so.
Does that anyone think it is easier to make money day-trading Nasdaq stocks Vs. NYSE stocks due to NYSE's drawbacks including slower executions and criminal specialists?
I wrote in before that I think the Naz is more transparent, although daytrading is by no means easy or else everyone would be doing it. In my opinion I would say yes to your question
3rd market print is pretty meaningless, but the NYSE print is the one that you can get the adjustment on especially if it took that long. Also, If they dont' give it to you get a ruling.