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Hi Gary,
Been trading 14 years and gone thru almost as many brokers. I know that I
can place the same order at two brokerages and get filled at one and not the
other. I have a fairly large account at Lind and they give me institutional
service which means they would fill me at the low of a swing, if I tried to
get filled at a regular retail broker, the order will come back unable. Can
the second broker do that, yes they can? Also, if you place a limit order in
one of the New York markets and the market trades below your price and if the
broker cannot fill your order, your just out of luck. This is one of the
reasons I do not use limit orders because I want to know if I'm in or not.
I remember once last year that I had placed my buy stop to enter the
market in the S&P's, I saw on my data that we hit there and picked up the
phone to place my protective stop. Four minutes later my protective stop got
taken out, my broker calls me a little while later and gives me my sell price,
I inquired where I got long, the broker calls down to the floor and finds out
that there was an out trade and that buy order is still unable. Well, I told
the broker to get me out right there and made $500 on two contracts each. One
of the few times I made money on a mistake.
I do not use limit orders when I daytrade any more and rather use MIT's
instead and most good brokers will get the price you want and some times I
have gotten positive slippage.
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