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Questionable execution at Scottrade
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Questionable execution at Scottrade

  #1 (permalink)
Trading Apprentice
Portland, OR/USA
 
Futures Experience: Intermediate
Platform: TWS, TOS
Favorite Futures: Stock and index options
 
Posts: 14 since Jan 2015
Thanks: 1 given, 1 received

Questionable execution at Scottrade

I had a protective buy to cover stop limit order for my stock that was filled right at the market opening. The statement shows it got executed at 9:30:00. The problem is that despite being filled at a price within my stop limit window, the stock didnít come even close to that level during those seconds. Looking at the intraday chart using 1 sec time intervals I see the stock was more than $1.5 away from the execution price. I complained and the customer service guy said that the one second chart only shows transactions at the end of each second, not what might have happened within that second, therefore the chart may still show prices quite away from my execution price.

Thatís one thing. The other thing is the bid - ask spreads they show before the market opening are outrageously wide. As the opening comes closer, they tend to get narrower, but some stocks still have wide spreads until market starts. I knew this may jeopardize my limit orders, but still had few GTC orders in place. After that event, I stopped entering orders before the opening and all are just for the day.

Has anybody else had experiences like this? Whatís your advice?

Thank you,
Corto

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  #2 (permalink)
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  #3 (permalink)
Site Administrator
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What's the ticker and the exact date time? I can check my database and see what I show.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
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4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #4 (permalink)
Trading Apprentice
Portland, OR/USA
 
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PBYI executed on 10/02/2015 at 9:30:00 at $76.84.

Thanks,
Corto

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  #5 (permalink)
Site Administrator
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Corto View Post
PBYI executed on 10/02/2015 at 9:30:00 at $76.84.

Thanks,
Corto

Here is every trade on Oct 2 2015 between 9:29:00 and 9:30:59 (1 minute 59 second window). You can also see the current bid/ask.

Your trade is the third one.

 
Code
MariaDB [ticks]> select * from `PBYI` where `Date` between '2015-10-02 09:29:00' and '2015-10-02 09:30:59';
+-------------------------+----------+----------+----------+----------+--------+--------------+-------------------+-----------------+
| Date                    | Last     | LastSize | Bid      | Ask      | TickID | BasisForLast | TradeMarketCenter | TradeConditions |
+-------------------------+----------+----------+----------+----------+--------+--------------+-------------------+-----------------+
| 2015-10-02 09:30:01.613 | 75.69000 |     1868 | 74.83000 | 76.95000 |   7882 | C            |                 7 | 8A              |
| 2015-10-02 09:30:02.816 | 76.70000 |        3 | 74.85000 | 76.95000 |   8241 | O            |                 7 | 87              |
| 2015-10-02 09:30:03.322 | 76.84000 |       50 | 74.85000 | 76.95000 |   8317 | O            |                19 | 87              |
| 2015-10-02 09:30:04.438 | 75.90000 |        3 | 74.85000 | 76.95000 |   8438 | O            |                19 | 87              |
| 2015-10-02 09:30:04.708 | 76.81500 |       97 | 74.85000 | 76.95000 |   8459 | O            |                19 | 87              |
| 2015-10-02 09:30:05.498 | 76.81500 |        3 | 74.85000 | 76.95000 |   8590 | O            |                19 | 87              |
| 2015-10-02 09:30:05.513 | 76.90000 |       11 | 74.85000 | 76.95000 |   8592 | O            |                19 | 87              |
| 2015-10-02 09:30:16.285 | 75.86000 |        9 | 74.86000 | 76.86000 |  10590 | O            |                19 | 87              |
| 2015-10-02 09:30:17.190 | 75.12000 |        4 | 74.86000 | 76.85000 |  10730 | O            |                 7 | 3D87            |
| 2015-10-02 09:30:17.592 | 75.12000 |        4 | 74.86000 | 76.84000 |  10799 | O            |                 7 | 3D87            |
| 2015-10-02 09:30:17.593 | 75.12000 |        4 | 74.86000 | 76.84000 |  10801 | O            |                 7 | 3D87            |
| 2015-10-02 09:30:17.593 | 75.12000 |        4 | 74.86000 | 76.84000 |  10803 | O            |                 7 | 3D87            |
| 2015-10-02 09:30:18.384 | 75.40000 |        2 | 75.18000 | 76.86000 |  10888 | O            |                 7 | 3D87            |
| 2015-10-02 09:30:18.384 | 75.40000 |       10 | 75.18000 | 76.86000 |  10889 | O            |                 7 | 3D87            |
| 2015-10-02 09:30:18.658 | 75.40000 |        3 | 75.18000 | 76.86000 |  10911 | O            |                 7 | 3D87            |
| 2015-10-02 09:30:18.712 | 75.40000 |        2 | 75.18000 | 76.86000 |  10913 | O            |                 7 | 3D87            |
+-------------------------+----------+----------+----------+----------+--------+--------------+-------------------+-----------------+
16 rows in set (0.00 sec)


Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
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  #6 (permalink)
Site Administrator
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Corto View Post
Has anybody else had experiences like this? Whatís your advice?

Your broker is likely selling its order flow, to make money on you. You should not use market orders if you want good fills.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

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  #7 (permalink)
Trading Apprentice
Portland, OR/USA
 
Futures Experience: Intermediate
Platform: TWS, TOS
Favorite Futures: Stock and index options
 
Posts: 14 since Jan 2015
Thanks: 1 given, 1 received

How come I could not see any transaction at those prices when I looked on the brokerís charting interface set for 1 sec? I cannot use those fine settings anymore to show you as itís two far back, but the following day I could still do it and grabbed a screen shot and emailed to them, but they replied with the explanation I mentioned.

Regarding market orders, I have not noticed any problems so far; orders were filled quite decently.

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  #8 (permalink)
Site Administrator
Manta, Ecuador
 
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Platform: My own custom solution
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Big Mike's Avatar
 
Posts: 46,240 since Jun 2009
Thanks: 29,354 given, 83,237 received


Corto View Post
How come I could not see any transaction at those prices when I looked on the brokerís charting interface set for 1 sec? I cannot use those fine settings anymore to show you as itís two far back, but the following day I could still do it and grabbed a screen shot and emailed to them, but they replied with the explanation I mentioned.

Regarding market orders, I have not noticed any problems so far; orders were filled quite decently.

You'd have to ask your broker. I provided you the exact timestamps of all trades.

Mike

Due to time constraints, please do not PM me if your question can be resolved or answered on the forum.

Need help?
1) Stop changing things. No new indicators, charts, or methods. Be consistent with what is in front of you first.
2) Start a journal and post to it daily with the trades you made to show your strengths and weaknesses.
3) Set goals for yourself to reach daily. Make them about how you trade, not how much money you make.
4) Accept responsibility for your actions. Stop looking elsewhere to explain away poor performance.
5) Where to start as a trader? Watch this webinar and read this thread for hundreds of questions and answers.
6)
Help using the forum? Watch this video to learn general tips on using the site.

If you want
to support our community, become an Elite Member.

Reply With Quote
 
  #9 (permalink)
Every Day I'm a n00b
San Tan Valley, AZ/USA
 
Futures Experience: Advanced
Platform: NT7
Broker/Data: IB, Tallinex, & 10 others.
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Posts: 195 since Jun 2013
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I'm totally impressed lol!!! Great work.

That's my contribution to this thread.

Otherwise, good luck sir

-Jimmy
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