Hi folks, Just wanted to know if the following is acceptable or not. Last thursday I placed a small market buy order for a liquid security and, since after a few minutes it didnât fill, just in case I canceled the order (status changed from Open to Pending). ONE HOUR after canceling the order, it was filled, needless to say, at the worst possible price. Should I move my business somewhere else or is this acceptable? Thanks in advance.
thanks guys for your replies. just wanted to know if it is acceptable for a broker to execute an order that was canceled an hour ago, either market or limit the profit would have been much larger if they had executed the order within an ordinary timeframe
1) first question would be: "were there fast market conditions declared at the time of the trade or during the delayed execution and delayed reporting"? 2) yes you should blame your broker, 3) right after you blame your inexperience for having attempted to trade through volitile market conditions not knowing that there was a strong possibility of these events happening. sorry, that's the way the world markets work...
Your use of a market order vs. marketable limit should have no bearing on execution time, and opportunity cost in missing a profitable fill is every bit as painful as what you experienced. Bitch, moan & get a price adjustment, close your account if it isn't fair. PS - I'm assuming your order actually filled 60 minutes later than the order timestamp vs. you just receiving a late report of a timely execution.
thanks for your reply Yes, it was on Thursday, the market was falling and I wanted to BUY a liquid stock. I ended up buying, but the order was *filled* an hour after it had been placed and 55 minutes after it had been canceled. All I wanted to know is whether the broker is to blame for the delay or not. It has nothing to do with limit or market orders. In fact, I am glad that the order was executed as the market skyrocketed after the purchase. On the other hand, I am upset by the delay.