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Efrain,
I can give you an answer. I have had this happen to me and the manager
of the Lind-Waldock trade desk explained that when you give a cancel
replace order, the floor broker must first sift thru his stack of orders
to find the original order and then pull it out. THEN that order will
be replaced with the market order. This can consume 4-6 minutes. I
learned from that day on to (1) place the market order (2)
place a straight cancel order. I have not had a problem since.
If you will go to www.cme.com and go to prices, time and sales, you can
see the market movement and determine how the prices traded and in what
time frame. (Glad to see another futures trader on this list!!)
Al Taglavore
Efrain R Portales wrote:
>
> HI guys,
> Last week I made a trade selling Dec 97 S Francs at 6851 and
> placed a stop to buy at 6869. The market wasn't moving as
> expected, so at 9:08 am. I decided to cancel/ replace my stop
> by buying at the market. At that time( 9:08 ) prices were
> around 6842. I got filled at 6854, at 9:14
> Question to whoever has had bad fills: Generally speaking,
> is this normal?, I mean, If I'm buying at the market, that
> is, get me out at the current price ( around 6842 ).
> Instead, my order was filled MORE THAN 6 MINUTES LATER with
> a small loss, instead of a small profit or about $ 100.
> I called my broker ( LIT ) today; he said some days they're
> very busy. To me, that's not an acceptable reason to get
> bad fills.
> Anyone with a comment about brokers screwing you up?, Bob?
> Thanks for any input.
>
> Efrain R Portales
> Fort Worth
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