Wednesday, June 3, 2009

Disappointed with Scottrade

Checked my trading account today and guess what…Scottrade have executed my REDF buy stop order at $3.59 for 300 shares…What a heck!!!! I'm very disappointed, I've called Scottrade and asked why this happened because the price high at the time (around 8:55AM, Pacific) is $3.610 why and how the buy stop order got triggered. I have a pleasant conversation with them but I'm still not fully convinced with their representative’s explanation. I still want more details because my hard earned money is on the line. This should not happen in the first place, so I’ve sent them my email below.

Hi,

Would you please send me an explanation about what have happened how my Buy Stop Order to buy REDF at $3.75 got triggered at $3.59?

The highest price was recorded at $3.61 according to your detailed price quote (reference time 8:55AM Pacific Time). I use “buy stop” because I do not have time to watch the screen and it is designed to help trader enter only on their target points.

Kindly, send me your explanation why and how this thing have happened and give me all the details. Thank you.

I really hope Scottrade will reply immediately and do something to correct this issue. I know I’m just a very small client but if this thing happens to me then most likely it may have happen to hundreds if not thousands of Scottrade clients.

Let me know if any of you have experience the same problem with this online broker.We should voice out this problem and demand every online brokers for an effective and prompt solution.

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