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I have a few comments:
1. you are not guaranteed a fill even if the price shortly falls under
your LIMIT price. It still requires that someone wants to take the
other side of your trade.
2. It sounds like you're trading futures, and it is my understanding
that the quotes don't necessarily represent trades, sometimes it's just
bid's and asks. Remember that the quotes from the pits are being typed
in by some clerk based on what he hears in the pits. He will not always
be able to tell if a trade took place of if a bid/ask was put out.
3. you should consider trading the e-mini's since they have ONE limit
book and your chances of fills are much higher in situations like
yours.
You probably don't have a case against your broker, imo.
Hope this helps
Allan
--- Sonnysark@xxxxxxx wrote:
> I've been with the same broker for over three years now, and he has
> been
> great. However, on Friday I had a problem with a limit order, and I
> would
> like advice on how to go about dealing with it. I had a limit order
> going
> long, and the price according to e-signal fell below my limit order
> by one
> full tick which should guarantee a fill. However, when I called my
> broker to
> confirm a fill and to place a sell order for a quick modest profit,
> he
> checked with the floor and was told that I was not filled and that
> the prices
> did not fall below my limit order ... the floor told my broker that
> it was a
> bad tic and they were going to pull it. (keep in mind I am day
> trading the
> Dow, and this all happened within five minutes or less). I trust my
> broker,
> but I am not sure about the guys on the floor. While I was on the
> phone
> waiting to confirm if I had a fill, the prices dropped back down and
> I was
> finally filled the second time around, but now the prices were moving
> against
> me and I took a small loss. This was a play that was suppose to give
> me a
> quick modest profit but had a loss instead. On top of that, I didn't
> get
> filled at my limit as my broker told me I had on the phone. I just
> reviewed
> my statement, and I was filled one full tick better than my order
> which is
> very unusual. I am not complaining about the better fill, but it
> just makes
> me more suspicious. I would like to have my broker look into this
> for me
> without spoiling our relationship. I am thinking about having him
> find out
> who was on the other side of the trades. Do you guys think that
> would be
> helpful info? I also want him to confirm for me that it was a bad
> tick, and
> they truly were not able to fill my order the first time around. How
> much
> can I find out and trust through my broker without a formal
> investigation?
> Any advice on how I should go about dealing with this would be
> appreciate
> it. -Sonny-
>
>
>
=====
---
Allan Havemose, Ph.D.
havemose@xxxxxxxxxx
havemose@xxxxxxxxx
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