My Broker Is A Joker!

BBB

Experienced member
1,071 3
Folks, get this......

So far this month, I have received quite a bit of money (slightly less than an average days takings -i.e. significant) from my broker. The reason for this is that I have all of a sudden begun to receive the worst fills on the planet. Were talking about 8-10c out here. I have my order in the market, I see the bids or offers go in and away from my level, but no fill. This can happen several times. My order is stll there. Minutes later (YES, MINUTES), I get a fill somewhere off in the distance.

Of course, Im never going to take this from any broker - and in all fairness, they always give me my proper fill when I complain.Usually my fills are top rate (otherwise I wouldnt use them)- sometimes even better, even when using stops. Slippage is usually minimal (1-2c). I trade fairly liquid stocks (0.5mil+ volume $25-$50)

My point is this - how can they 'roll back' trades after the close and alter the fill (worse for the 3rd party - probably Knight who most of my orders are routed to) or do they just bung me the money they have tried to steal from me. My confirmations show a fill at my original level as per order, rather than a cash credit to my account.

Does anyone else have experience of periods of poor performance before things get back to usual, or am I better getting another broker (suggestions welcome). Ive been using them for 2 years with no probs what so ever - a rare thing indeed in the world of the worlds worst profession (on a par to estate agents)

Maybe this is an opportune time to go over to futures as Ive been meaning to do since Feb.
 

JonnyT

Senior member
2,560 22
Hi BBB,

I simply wouldn't stand for this. They are acting illegally else have very poor systems/links to the exchanges.

I would drop them immediatly.

I would also name and shame them...

JonnyT
 

Trader333

Moderator
8,606 932
BBB,

I admire your honesty in telling us about this issue especially in view of your past slating of IB in favour of a broker who supposedly gives you better service but for slightly more cost.

I will be interested to see how it develops. What reasons has you broker given for this ?


Paul
 

TheBramble

Legendary member
8,395 1,170
BBB said:
The reason for this is that I have all of a sudden begun to receive the worst fills on the planet. Were talking about 8-10c out here. I have my order in the market, I see the bids or offers go in and away from my level, but no fill. This can happen several times. My order is stll there. Minutes later (YES, MINUTES), I get a fill somewhere off in the distance.

Who is your broker?
 

stevespray

Experienced member
1,289 154
If they are a US based broker then you should complain to the SEC. This is not acceptable and a full explanation needs to be given. If it's software related then they should tell you.

Do you see your trade go through on time and sales for the particular stock ?

Also, if you place your order via a limit does it show up on level 2 (ie is it placed into the market).

There was an issue like this recently relating to the activity of 'specialists' on the NYSE. They were skimming.

Worth looking into.

I use IB - Have no problems.

Steve.
 

BBB

Experienced member
1,071 3
Yep - looks like its good night Vienna - or should that be good night Fidelity?


Steve - yes - I can see my orders on L2 (although I dont really use it and I mostly use stops) and I see them go through on T&S. I also see all the others go through when it should be mine!


Like I say, they have been superb over the last 2 years, so Im hoping this is just a blip. Doesnt happen every day, but about 5 times this month. I ask them the reason, and I just get an email (within the hour) saying sorry, we contacted the market maker and we will give you a fill at xx.xx. We can't give a direct explanation unless we investigate the transactions in detail which will take time blah blah blah. Then they give me some sarcastic crap about order priority. I guess its cheaper for them to hand me a few hundred bucks than pay a clerk for a day as well as obtain records from market makers etc. I try to look on the positive side and think at least I dont get any slippage when this happens.

If it does happen again then Im off. Any recommendations other than the obvious IB? If I go futures, then its Refco (probably) what about stock brokers? Nextrend look good - Ive also read good things about xoom trade - but their platform looks like its built for kids.

More suggestions (or ones to avoid like the obvious Schwabb, Ameritrade etc)????
 

clylbw

Well-known member
454 4
Hope the problems will soon be sorted out, BBB.

I can certainly understand the wish to avoid IB.
 

Mr. Charts

Legendary member
7,367 1,185
BBB,
I've never had a problem with IB, but if you want to trade futures direct access with Patsystems then PM me and I will give you the name and phone number of my old broker in Chicago. He is a personal friend and will offer you a good deal because of that. However it will be a little more than IB
 

Sledgehammer

Member
75 0
I would recommend Ffasttrade for futures (despite your negative review of them BBB). I've been trading the FTSE with them for over a year now and the fills are absolutely instantaneous at the right price. The platform has fallen over about three times in the year and they have a UK 0800 number to speak to the desk in Chicago.
 

BBB

Experienced member
1,071 3
Thanks folks.

Since I complained to them, I've realised my fills are now going the other way - with 1-3c regular windfall profit! This makes me even more suspicious to be honest. As I said though, they've been faultless for the last 2 years, and 1-2c slippage either way is acceptable in the markets I trade. Im using the auto route facility rather than directing trades to specific destinations - I do have this facility if I need it, but in my experience, execution times were a bit hairy for my liking (probably as Im not so experienced with it).

My beedie eyes will be on them like a hawk in July. Any more trouble and Im off for sure.

Sledgehammer - I understand Ffastfill have had a change of management and a complete overhaul recently. Thats probably why things have improved. However, the company has had a lot of management changes over the past few years - not usually a good sign as any 'scuttlebut' analyst will tell you.
 

JonnyT

Senior member
2,560 22
clylbw said:
Hope the problems will soon be sorted out, BBB.

I can certainly understand the wish to avoid IB.

Why?

The most financially secure broker in the States...
Cheap yet reliable in my experience.

JonnyT
 

CityTrader

Established member
665 26
At the risk of over simplifying this, you get what you pay for in life. If you use a discount broker, surely you dont expect them to have top rate staff? You pay peanuts, you get monkey's
 

CityTrader

Established member
665 26
JonnyT said:
Why?

The most financially secure broker in the States...


JonnyT

You have to be ****ting me? what happened to Morgan Stanley, Goldman Sachs, Merril Lynch et all overnight???!!!!
 
 
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