NYSE limit fills going to the dogs

Discussion in 'Trading' started by MR.NBBO, Aug 26, 2003.

  1. MR.NBBO


    During the last 6-8 months my NYSE fills on limit orders have been terrible.

    The specialist seems to penny you EVERY SINGLE time......just to prove a point. What's even worse is that MSE/CSE and Trimark are gettin' all the gravey fills at limit when your spendin' the phat commissions to trade NYSE.

    Even had to resort to hitting good Bid & Asks.....but guess what, the specialist pennies again....giving above the bid or below the ask (yes, it is the specialist...and there are no other orders to cause this).

    Can these guys think for themselves instead of abusing the customers which they represent?

    I'm damn near tempted to open up a scottrade/datek/ameritrade account and get those "shtty" fills!!!!!!! I've traded NYSE for years x millions of shares.........and it's simply becoming absurd.
    Trimark here I come!!!!????

    This pertains to those who trade a minimum of 2,000sh to 10,000sh. ....anyone else getting hit by NYSE limit fills lately?
  2. better becareful for what u ask, they might send your order to boston or phlx. :D

    it aint worth it bro, stay where ur at
  3. topten


    online brokers sell their order flow to Nite and other trading firms. these firms work your orders the same way, if not worse.
  4. Yes this same was discussed the other day. If the penny or two is important to your profits then DO NOT go to Ameritrade etc. Trimark/Nite is the culprit. They will not offer your short or bid your buy.

    Seriously, what are your thoughts about contacting the SEC?
  5. MR.NBBO


    Yes, Yes........we all know how market makers work.....and that they will "work" your order so that they end up profiting, even if the commission is less, it usually comes out of profits. THIS HAS BEEN BEATEN TO DEATH.

    POINT: My NYSE limit fills have been so bad consistently for months that Trim & MSE actually do get better fills at the limit than my NYSE limits. THIS TELLS YOU HOW BAD THE SITUATION HAS GOTTEN.

    None of this is due to my broker for NYSE trading.....it's strictly a specialist thing.

    I'm a diehard NYSE trader, and always poke fun at THRD MSE, etc........but am actually reconsidering (never thought the day would come).

  6. I trade NYSE only, usually 1-2K share lots of stocks $30-60 with ameritrade. My limit order fills are horrible as well.
  7. Actually NBBO, for the one's using NYSE, the order might never reach the specialist. Trim/nite likes to fill out of Boston a lot Not only that, but for the online people like Ameritrade, if the market moves away briefly, their orde gets dumped onto Island, and NEVER gets in to the specialist's book. So they are never in line!
  8. Can you say which stocks are
    particularly affected ? Thx.
  9. hey, thats why we pay higher SEC fees now, for MUCH crappier fills!!!!!!!!!!!!!!.
    and given that this market is dead, hell, maybe I'll go work for a MM and scalp orders- work the crowd for pennies, my transaction costs would be so low- and they take no risk, really- its easy money for them. they prey off of the naive, but its shady.
    if you trade with online brokers, you aren't a serious trader anyways. Why give up the spread and control when you don't have to?. It perpetuates this whole shit we are seeing now where large size will chop around 2-5 cents and never really go anywhere, except during the first hour of trading. Then when that price settles many stocks now peg that price pretty close for the rest of the day, with obvious news and earnings, etc stocks excepted.
    I hate summer trading and can't wait for next week and some volatility. And lower our damn SEC fees!!!!!!! Or at least make the market better to trade!! Do something to benefit traders, you lazy SEC bums, don't just take our money for nothing.
  10. ive noticed some real dic* moves lately, like i.e. ill put in an order when the market moves for a nickel or so over offer, specialist locks the makret fills me at the limit, but fills under my limit afterwards....
    like today spoos started to move, he showing .41 x .44 1x1 i put in a .50, i get filled a .50 then he wills everone else at .45-.46
    i think its just the seasonality of it though in a thin makret we are all fighting for the same pennies and its tough to beat the specialist specialist: more volume=better fills and the pennies dont matter as much when market moves more, volatility real low right now
    #10     Aug 27, 2003