From my twitter feed:
- 17 minutes ago
- just had longest market order fill ever on CE… 2.5 minutes! I wanted 29.40 but got 29.53. Bastards! Broker investigating…
- 3 minutes ago
- scottrade price-improved me to 29.40 on my bad CE fill. So, when I called them bastards, what I meant was, they rule. :-)
Here’s the 10-minute chart of the trade on Celanese Corporation (NYSE: CE). The blue lines mark the (admittedly sloppy) ascending triangle I was using as the basis of the trade. My stop was under the lower trendline. My target was a push above the HOD, which was 2R away. It was hit fairly quickly.
Now, about that fill… Two and a half minutes, on a market order. “My, this order is taking a long time,” I observed calmly. Yeah, right! I was severely pissed off. I watched lots of prints go by. The price walked up 15 cents from my intended entry at 29.40, with thousands of shares trading. I tried to cancel my order several times, but it wouldn’t let me since it was a NYSE market order that was in the queue already. Talk about a helpless feeling! Plus, since I was finally filled as the price was on the way down from its initial spike, I started off this trade in the red. That was no fun!
But, I held it together, and waited for the price to run up again. Luckily, it never went below 29.35 or so. At 29.33, I would have been in the red by my intended 1R amount, and I’d have to make a hard decision about bailing, or sticking to my original stop loss point (which would mean risking more than I initially intended to risk).
After I was out of the trade, I called up Scottrade. I’ve only done that a couple times, but it has always been a very pleasant experience. They looked at the trade, and about 15 minutes later they price improved me to the ask price at the time I entered my order. Very nice! Even though other brokers have more frills, it’s stuff like this that keeps me with scottrade. Plus, I know if it ever gets really bad I can go down the street to their office and yell at someone in person. Gotta love that.
| Stocks Mentioned In This Article | |
|---|---|
| Stock | Links |
| CE |  |  |  |
