>Maybe he should have investigated who has the >shortable list and what stocks are in that list before >going with TS? >Huh? That I agree with. If your strategy really depends on short, some of the brokers just don't cut it. Gotta check them out. JB
It is hard to check out TS. Its advertising claims: " Extensive short-sale inventory for Equities " It gets many awards from TASC, that are supposed to be voted on by readers. It is alos very difficult to see TS's list of HB stocks. One user had to manually scan a list of 1067 stocks and he found 256 were HB. I have not yet seen TS publish a list. Clearly TS needs to improve its transparency. DS
As a very seasoned Nasdaq trader (5+ years and 500k+ trades), I would welcome a brief education on these NYSE delayed executions. In my very limited NYSE experience, I have found the executions to be very slow (manual process, etc), and I have found the cancels to come back very slow (manual process, etc). However, I don't understand why a broker would give a client a confirmed cancel and SUBSEQUENTLY fill that same order that was already confirmed cancelled. Is that what we are talking about happening? I can certainly understand placing a cancellation request and waiting ~30 seconds for a confirmed out, only to be filled instead (not a good thing, but a pitfall of specialist system). But, am I correct in understanding that it is not uncommon to get a confirmed cancel reversed and retroactively filled? Thanks, -EricP
I used Tradestation for the last 2 years, but I am more of a swing trader with daytrades from time to time. I have seen this slow response for NYSE stocks, but never a CONFIRMED cancelled followed by a fill. Tradestation shows a lot of messages when you send a request, one of them beeing a confirmation that your request has reached its target, but not that is has been executed. I think this is what he has seen at not that the cancel was executed.
Yeah seriously -- although there was one stock that I couldn't get through TS/Bear and I know of two other people who found shares, both through prime brokers - ABN Amro, and SLK. Still, no complaints about TS's inventory. I mean the first thing I do when looking for short candidates is get rid of all the Hard to Borrows! Let's see how that short list is when TS self-clears....
You can put 2000 issues into RadarScreen and it tells you which ones are hard to borrow. It appends "HB" to the symbol. I have no experience with short sales through their brokerage so I don't know if that info is always current. Max
He said he cancelled the order, never mentioning whether he got the confirm. I doubt he got the confirm and then they filled him. I traded listed for a year and you ALWAYS had this trouble in a fast market with market orders. Only use market orders to get out, and then you'll have to wait an agonizing 30-120 seconds or more, to see where you got out if things were hectic. I didn't care for it - went on to other things.