'Partial Fill Horror Stories'

[Rainmaker2000]

Hey Guys.......just thought I'd see if anyone else has experienced the dreaded partial fill horror story......usually it can only mean an excessive brokerage bill but....

My most recent story comes from a sell order on FWD which I placed at limit $11.59 a month or so back.....I know what you are thinking, you look at the chart and hey presto, Rainmaker, you are the man, the only man to sell FWD for its highest ever price before its fallen back over 10%....

I mean yeah, but no.....order partially filled 108 shares....a high brokerage bill with the remain shares losing $1 dollar.......I'm now preparing to hold through the dividend season with a new squeal point around $12

It's not a complete bad news story but shows how the theory of market investing can be different to the practice

 

[Timmy]

It's not a complete bad news story but shows how the theory of market investing can be different to the practice

Excellent point - really important to understand examples such as this one - in short not all your "good" ideas will be filled (fully or partially) but all your "bad" ones will be! Thus skewing your results....

Good stuff Rainmaker.

 

[nioka]

I had a problem recently with a partially filled order. Out of a 10,000 sell order only 1247 were sold and then a trading halt was called, then the company was suspended for a day. When trading recommenced my sell order had been cancelled. I rang the broker and asked why the order was not still current and was told that this is automatically done by the ASX. The broker asked if I wanted the balance of the order reinstated and I said yes. Not only did I get two brokerage charges, the second was charged at the higher rate because it was " done over the phone".
Another problem was when I ordered some options but received only 100 and the price raced up and the balance was never filled. I still have 100 options now valued at about 7.5c each. Cost $9.50 plus $29.95 brokerage, with a selling cost if I could sell of $29.95

 

[Aargh!]

It's not a horror story but was annoying to pay more brokerage.

Recently had a significant buy order on EXM and only a few (around $36 worth) had been taken out before close and had to pay $19.95 brokerage.

Certainly not the end of the world though.

 

[numbercruncher]

I had a similar one to Nioka, replaced the order after the purge but no double charge for brokerage, would of called had they charged again though !

 

[Rainmaker2000]

I have to say the 2 X brokerage which has also happened to me when an order was filled over two days is really irritating since my broker not only insists on two brokerages........but two 'transaction fees' on my margin loan.........I'm really holding out for Bell Direct to offer margin lending integration so I can kiss Comsec goodbye.....

My experience is that if an order is filled in two or more part on same day, that's one brokerage........otherwise, hand over a little more to the man

For those who don't know, BellDirect $15 a trade......I'm not a billboard but I do like their business model

 

[Julia]

I'm really surprised at this thread.

I've had countless partial fills, both buy and sell, often over several days, and have never paid more than one brokerage.
The first transaction contract note charges the usual brokerage and all subsequent ones on the same order are at nil brokerage.
I'm with E-trade.

 

[steven1234]

Im with NAB. I get charged the same brokerage if it takes a number of days to fill my order. I can even change the price until it gets filled. Changing the quantity will result in a further charge.

 

[surfingman]

Im with NAB. I get charged the same brokerage if it takes a number of days to fill my order. I can even change the price until it gets filled. Changing the quantity will result in a further charge.

The same applies if you use etrade.

 

[nioka]

Im with NAB. I get charged the same brokerage if it takes a number of days to fill my order. I can even change the price until it gets filled. Changing the quantity will result in a further charge.

That is what normally happens with westpac but if the company is suspended the ASX purges the outstanding orders and you have to reorder. So I found out to my disadvantage. Check this with NAB. I used to be with NAB and they don't miss out on any charges they can make.

 

[ROE]

Maybe they need to update their system with an option to sell all or sell nothing

 

[gfresh]

I've never had it as a major problem with unfilled orders. If the price moves past, wait a few minutes to see if your price is matched, if not, put in an amendment (even if it may cost you more or less in terms of another price), and it will give you an average order price, with the one brokerage fee. Waiting too long, say more than 30 minutes before making this decision is asking for these dreaded partial fills or a wide price spread.

Setting even share amounts, 7000, 7500, etc seems to help a little - in my experience they're more likely to be scooped as one order by another trader than say 7122 just to reach some exact $3k, $5k, $10k or whatever dollar figure you're aiming for.

Remember you can also choose to put a buy or a sell well above or below the money to be filled pretty much at the latest bid/offer prices before the next guy.

 

[Nyden]

Maybe they need to update their system with an option to sell all or sell nothing

This would complicate things excessively.
It would mean that the only way orders would go through would be through very large orders, and those who have elected for their option may never get to the 'front' of the queue.

Think of it, if thousands did this at a specific price...there would be price ranges that are only available for bulk-buys, any order that is above-average in size would be very difficult to move as well.

For small orders I can see it working, for very small orders, that is.