|
PureBytes Links
Trading Reference Links
|
If there are no extraordinary circumstances then you got a bad fill and
your broker should
either get it corrected or make good on it themselves.
You may as well by a lottery ticket if you are hoping for them to give your
money back.
I had a bad fill about a year ago, not 1/16 but $1.5, (on a market order)
and my broker agreed that it was a bad fill. We both had the data for the
time of the fill. Call CBOE, what do you think they said, sorry, here's
your money, hardly, Sorry, the market was at XX and there is nothing we can
do about it, it was a fast market. Yes, very fast, for them, probably
millions made that afternoon in a few hours off suckers like me (and you!).
That is why I never use market orders. Talk to the woman who placed two or
three trades on an IPO in the morning, wanting to go only about $3,000,
ended up $250,000 in debt. That's what happens when you do not use limit
orders.
kohath
----- Original Message -----
From: THE DOCTOR <droex@xxxxxxxxxxxx>
To: Dick Crotinger <dangle@xxxxxxx>
Cc: <realtraders@xxxxxxxxxxxx>
Sent: Thursday, August 12, 1999 3:03 PM
Subject: Re: OPTN: How can they do that?
> Market or marketable limit is assured a 20 up market. If the
circumstances are
> as you describe and the option is a single list you are entitled to a fill
at
> 5/8 and your broker should go back into the crowd and claim it. However
having
> said that ...IN ALMOST EVERY CASE ... there is something more to the
story.
> Have you queried your broker?
>
> Is it possible that because of today's power problems your order was
either
> rerouted or handled manually instead of electronically. If there are no
> extraordinary circumstances then you got a bad fill and your broker should
> either get it corrected or make good on it themselves. The fact that an
option
> is thing is irrelevant for a small order. The machines are set at 20
contracts
> on all the exchanges.
>
> Dick Crotinger wrote:
>
> > I just closed a trade in an equity option, OILHV, at 1515 EST. My
> > screen (DTN) showed the BID at 5/8, which had fluctuated at 5/8 - 11/16
most
> > of the afternoon. 95 contracts traded so far. I felt the stock was
> > correcting and decided to close my long trade in the call option. The
> > option suddenly dipped to 9/16 bid five minutes AFTER placing my Dreyfus
> > order, which is where I was then filled. Dreyfus fills this kind of
trade
> > all the time almost immediately (~30 seconds)... this one took five
minutes.
> > The option then IMMEDIATELY went back to 5/8 bid. The option during the
> > last 15 minutes prior to the close started bidding at 9/16.
> >
> > I KNOW this is a thinly traded option (948 contracts)(but what is
> > "thinly?"). I KNOW that a market order is for he who wants an absolute
> > unconditional exit... that's why I use it when I want to pull a trade.
(My
> > entries are limits). But this pisses me off. The trade size was 10
> > contracts, and I was under the impression that a market order to the bid
or
> > ask is GUARANTEED at least a 30-contract fill. Why did this trade go a
> > notch lower, to the "screw-em" point? HOW CAN THEY DO THAT?
> >
> > This is not a big financial deal... he got the teenie and I didn't.
But
> > I have to believe that CBOT et al are not happy with the recent several
> > years reduction in participation by "the public." Well, it's because of
> > this kind of stuff. Most of the time, I'm happy with my 10-second fills
> > using the above approach, but once in a while this happens...
> >
> > Doc... anybody... is this the only way to do this kind of trading? Why
> > don't market orders get filled at the market?
> >
> > Dick Crotinger
>
>
|