who is stealing from me?

Discussion in 'Order Execution' started by qll, Jun 23, 2006.

  1. qll


    i thought only AMEX can steal from me. now i lost money in NASDAQ too. i don't understand how this is possible.

    on NasDaq, the bid is 0.64 of 2k and ask is 0.65 of 5k. i placed 10k bid at 0.65. no fill for 20 minutes, no show on L2. i canceled it and reenter it. same thing for 20 minutes. then i thought, maybe because my order is too big? then i changed my order to 5k shares, it get filled right away, then i put another 5k 5k 5k 5k 5k 5k shares, all got filled at 0.65, so i end up buying 30k shares at 0.65 with 6 orders.

    what i don't understand is who is holding my orders to be placed?
    my online broker or some automatic trading system, automatic floor trader?
  2. qazmax


    Which stock?
    Which broker?

    Sounds like your broker has it set to route a certain size order to a non-electric system.

  3. That's a good one. And why did you wait 20 minutes?

    You should have called the broker and asked wtf was going on right away.
  4. Arthropod


    The one thing that comes to mind is, if your order is designated All-Or-None, then IB will act in exactly the fashion you have described. I believe they call it a simulated AON order or something. They just hold it on their server until there is sufficient liquidity being advertized to allow the order to be executed in its entirety. Something like that. At least with IB, this is a user selectable feature and off by default (I think).
  5. qll


    I am 100% sure it s not AON. Never use that AON anyway.
    I am worried, because Nasdaq pennies act more and more like AMEX. I am really not sure if that is because pennies are always like that or brokers start stealing more now, when there is no specialists.
  6. NKNY


    Are you sure it wasn't a pink sheet...

  7. qll


    I am male. I trade in a female client account. Not sure if a man named Susan Smith calling a broker to bash them will raise any red flag.
  8. qll


    Stock Symbol: INFO

    SC should be like NM, right? Not like OTCBB or Pink.
  9. NKNY


    No pink ... Your best bet is call the broker and see what the problem was...
  10. Yeah, well thats a dangerous thing as you have found out. What if you NEED to talk to a broker or its gonna cost you big $?

    You could always talk in a high pitched voice and call him sweetie.

    You might even try that in your own account, may get you special favors.
    #10     Jun 27, 2006