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John E. Hernandez wrote:
> Varouj Abrahamian wrote:
> >
> > Are there any traders in RT that are employed by Lind Waldock?
> I am leaning towards opening an account with Lind Waldock trading
> through the computer. Any comments on their service, executions, and/or
> reporting. What do you recommend?
>
> John H.
Hello,
While we're on the subject of LW, I've been dealing with them for only a
few months now. While I have good experience trading interbank FOREX I'm
new to commodities, which I do to diversify a little.
However, I'm de-lurking today to ask the veterans and knowledgeables among
you whether or not my broker, Lind-Waldock ripping me off, or is this just
something I have to get used to. This is not the first time I feel cheated
just the latest. You see, I had an order in on Jan 14 at Lind-Waldock to
buy Mar Corn at 259 3/4 which was filled at at 270, the argument being that
the opening range was 268 to 270 1/4. Them's the breaks seems to be the
response. CBOT and LW own quote service say the open was at 258 1/2.
Also, even more maddening, I was long Mar Wheat at 324 from Jan 12 with a
take profit order to sell at 325 limit and a re-entry buy at 327 1/2 stop.
Opening range is 330-341. Both orders were placed way before the open.
Where do I get filled? Hang on...
My sell order gets filled at 330, bottom of the range, and my buy gets
filled at 338!!!
Broker says, limit order's got to be filled first so it got done at
9:30:32 and once the market is established only then can the stop be
filled, which was at 9:31:52 according to him. Hence the two cannot
even be filled close.
I got hosed in the Pork Bellies for several trades of $100+ slippage.
(I've since also turned vegetarian). So OK meats have a lot of slippage.
I'm not used to consistent slippage in "normal" markets.
Here's the question:
What do you think of this performance from the broker and what should I
do from here (NFA? or other)?
(OK its a multi-part question)
What are other's experience with LW, and who might be recommended as
better?
(I realize this might have been beaten to death here, so apologies - I
haven't seen it)
On the brighter side of things, despite what I think is getting shafted
from the pit, they still didn't take away all my money and I'm still
running profitably, even with the abovementioned trades.
Richard Garvis
(re-lurking)
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