Can a broker execute a market order 1 minute 11 seconds after one clicked the price?? - Page 2
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Thread: Can a broker execute a market order 1 minute 11 seconds after one clicked the price??

  1. #11
    The Broker in question is a US based farm. I've already sent an e-mail with my criticism to them and they promised to look into it. That is why for the time being I am not showing their name. They claim on their website that'bargains are verified within a second'. For my case they didn't slide my market order to buy. Rather they filled my order after an eternity i. e., after 1 minute 11 seconds at the price I clicked. Throughout this time, initially the price moved in my favor and then it reversed. They filled my order in my clicked price just when they were convinced that the price will never go up again. I already challenged them to show that the price I clicked at 9:30:00 was just like the price at 9:31:11 in their platform.

  2. #12
    Quote Originally Posted by ;
    The Broker in question is a US based farm. I have already sent an email with my complaint to them and they promised to look into it. That is why for now I am not showing their title. They claim on their site that'bargains are confirmed within one second'. For my case they didn't slip my market order to buy. Instead they filled my order after an eternity i. e., after 1 minute 11 seconds at the price I clicked. During that time, originally the price moved in my favor and it reversed. They filled my order on my clicked price only when they were convinced that the price will never move up . I challenged them to show that the price I clicked 9:30:00 was just like the price at 9:31:11 on their platform.
    Great. Don't back down. After they charge your account, disclose their title. Folks ought to know about these sc and the NFA should be going after the REAL criminals in this business - that the retail, dealing desk bucket shops. I could guess that they are, but I will wait for you to reveal it.

  3. #13
    Quote Originally Posted by ;
    My question is is it valid for them to maintain my market order for 1 minute 11 seconds without giving me a chance to remove it and fill it when they find the chance to rip me off?
    Yes its absolutely valid. When you toss out a market order during news, thats similar to spreading your buttcheecks in jail

    learn the market mechanisms!!!

  4. #14
    Quote Originally Posted by ;
    Yes this happened during a news release.
    Like I say, 99% of broker complaints are about market orders during news:

  5. #15
    Quote Originally Posted by ;
    thats like dispersing your buttcheecks in jail

  6. #16
    Quote Originally Posted by ;
    yes its totally legitimate. When you toss out a market order through news, thats like spreading your buttcheecks in jail

    know the market mechanisms!!!
    Merlin,
    You are too Wise to know everything!!! If it were totally legitimate, the broker wouldn't refund me . But this morning they reimbursed almost all of the cash (98%) I lost on this particular trade. I had a long conversation with two of my other brokers (Gain and FXCM).
    Gain told me that never will this occur in their platform (no holding of market order). And FXCM advised it (holding the market order for a long time without executing the trade) rarely occurs with them, but in all those cases they refund the money to their customer.

  7. #17
    Quote Originally Posted by ;
    thats like dispersing your buttcheecks in jail
    But you still have a opportunity to love it. I mean, in prison :

  8. #18
    Quote Originally Posted by ;
    Merlin,
    You are too smart to know everything!!! If it were absolutely valid, the broker wouldn't refund me anything back. However, this morning they reimbursed almost all of the money (98%) I dropped on this particular trade. I had a long chat with two of my other brokers (Profit and FXCM).
    Profit told me that not will this occur in their platform (no holding of market order). And FXCM advised it (holding the market order for quite a long time without executing the transaction ) infrequently happens with them, but in all those cases they repay the cash to their client.
    I concur with you. It is definitely not legitimate. I knew they'd issue a refund. Why? Because they do not need the NFA criticism. It isn't important if you news traded. When they don't need to meet you on news, then only issue a requote or rejection in a TIMELY fashion.

    I do agree with Merlin because throwing a market order during news is a recipe for disaster, but that still doesn't justify the brokers convenient, delayed reporting practice.

  9. #19
    Quote Originally Posted by ;
    Merlin,
    You are just too wise to know everything!!! If it were totally legitimate, the broker would not refund me . However, this morning they reimbursed almost all of the cash (98%) that I dropped on this trade. Yesterday I had a long conversation with two of my other brokers (Profit and FXCM).
    Profit explained that never will this occur on their platform (no holding of market order). And FXCM advised it (holding the market order for quite a very long time without executing the transaction ) rarely occurs with them, but in those cases they repay the money to their customer.
    Market orders are filled at market price, which is anything at news time. I'm glad you have refunded but that is most likely the exception rather than the rule. Even if your broker fills your market order immediately, it may be a long ways from the price shown on your screen. You're not the only one watching that spike or the sole person clicking your mouse in that instant. Putting market orders during a news event is sticking out it on the chopping block.
    Always was and always will be.

  10. #20
    Quote Originally Posted by ;
    Market orders are full at market price, which can be anything at news time. I am glad you got refunded but that is most likely the exception rather than the rule. Even if your broker fills your market order immediately, it might be a long ways from the price shown on your screen. You're not the only one watching that spike or the only person clicking your mouse in that minute. Placing market orders through a news event is sticking out it on the chopping block.
    Always was and always will be.
    I don't think the issue here is whether or not you could get screwed placing market orders through news. We all understand that you can. The issue is that when the broker is allowed to REPORT a confirmation over a minute after it occurs, they can make up any implementation price that is convenient for them. That's the issue.

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