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To: Mark & TC:
I must take issue with both your message and attitude. I am a floor
trader, not a broker, and trade with Tim every day. Every day, I see him
and the other floor brokers struggle with this problem. An order comes
into their deck and is immediately pulled and then put back. It is a
royal pain in the ass for them. It interupts the flow of their business
needlessly. Ultimately, it will affect the attention and quality of the
fill that that customer receives. If nothing else, they will fill the
order as quickly as they can without regard for the price. That is
called slippage and its how I make my living. I see it every day. A good
floor broker will work an order to get the best fill possible for his
customer, Tim certainly does.
Also, you seem to have a misconception as to what a floor broker
even is. They don't take orders at all, they execute orders for
customers in the trading pit. You may believe that this is no big deal,
you couldn't be further from the truth. It is a very difficult job which
requires a great deal of skill. Frankly, different brokers will have
different bid/ask spreads quoted them based on the perceptions of locals
like myself as to how diligent the broker will be in filling the order.
My advice? Be very careful as to the selection of your pit broker,
treat them with the respect due their profession, and work with them. I
guarantee you it will help with your fills.
Good trading -- Jim Carson
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